The U.S. Department of Transportation’s Maritime Administration recently released its budget proposal for fiscal year 2023.
According to an April 5 news release, MARAD requested $906.7 million in funding for 2023 in order to fund investments in "American maritime transportation system, our national sealift capability, port infrastructure and the U.S. Merchant Marine Academy." This request, along with the funding given to the MARAD through the Bipartisan Infrastructure Law will bring the MARAD's total funding to $1.4 billion, which represents the most funding the department has received.
“President Biden’s budget request for the Maritime Administration would continue to strengthen resiliency in the maritime transportation system that is essential to support our economic growth, our supply chain and our national security,” Acting Administrator Lucinda Lessley said, according to the news release. “MARAD’s budget request would fund essential sealift capacity, advance our effort to replace aging sealift vessels and expand our efforts to address climate change. It would also continue critical investments to address long-standing challenges at the U.S. Merchant Marine Academy.”
The funds will reportedly be distributed to various programs in the MARAD with a large focus on establishing a stronger supply chain in order to make the American economy more resilient in order to support more economic growth, according to the budget proposal.
The agency's 2023 budget proposal now heads to Congress for further consideration. The budget must be approved and signed by Oct. 1, 2022, the day the 2023 fiscal year begins.
