U.S. President Joe Biden does not plan to invoke the Taft-Hartley Act to prevent a potential strike by dockworkers on the East Coast and Gulf of Mexico, an administration official confirmed. The workers, represented by the International Longshoremen's Association, could stop work if a new contract is not reached by October 1st. Biden's administration encourages both sides to continue negotiations in good faith. A similar dispute on the West Coast last year led to a 32% wage increase for workers.
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00:00It's Benzinga, and here's what's on the block.
00:02U.S. President Joe Biden does not plan to invoke the Taft-Hartley Act to prevent a potential
00:07strike by dock workers on the East Coast and Gulf of Mexico, an administration official
00:12confirmed.
00:13The workers, represented by the International Longshoremen's Association, could stop work
00:17if a new contract is not reached by October 1.
00:21Biden's administration encourages both sides to continue negotiations in good faith.
00:25A similar dispute on the West Coast last year led to a 32 percent wage increase for workers.
00:30For all things money, visit Benzinga.com.