federal maritime commission
Federal Maritime Commission. An independent federal agency that regulates the waterborne foreign and domestic commerce of the United States by (1) ensuring that U.S. international trade is open to all countries on fair and equitable terms, (2) guarding against unauthorized monopolies in U.S. waterborne commerce, and (3) ensuring that financial responsibility is maintained to clean up oil spills and indemnify injured passengers. • The Agency was established in 1961. Its five commissioners are appointed by the President with the advice and consent of the Senate. — Abbr. FMC. [Cases: Shipping 3, 14. C.J.S. Shipping §§ 2–4, 9–10, 13.]
