(NewsNation) — As prices for everything keep rising, President Joe Biden will sign new legislation Thursday to help lower costs for millions of Americans.

The Ocean Shipping Reform Act will reduce costs for families and ensure fair treatment for businesses, including farmers and ranchers. The bill would boost the investigatory authority of the Federal Maritime Commission (FMC), the U.S. agency that oversees ocean shipping, and increase industry transparency.

This comes as the Federal Reserve raised interest rates by 0.75, its largest interest rate hike since 1994.

NewsNation business contributor Lydia Moynihan said the implications of this may have been felt just moments after the Federal Reserve announced the rate hike.

“JP Morgan Chase, which is the largest bank in America — they loan to businesses and to consumers —announced they would be hiking their rates. So, reverberations are going to be felt across the economy, writ large,” she said.

Moynihan continued: “Maybe you’ll be making a little bit more on your savings account, which is great if you’re a saver. Whereas if you’re a borrower, you’re going to be paying a lot more money on your loans — whether that’s a car payment, credit card debt, especially for people with mortgages. If that’s an adjustable mortgage, you could be looking at an additional one to three percentage points and that could be 1000s of dollars, potentially.”