It is obvious that the US would gain some benefit from operating a second register equivalent to the NIS or Brits. Same crew requirements. Same tax structure, etc.
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Start the US second register.
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Make it illegal for any American citizen or American company to own or operate flag of convenience ships. Make it illegal for any flag of convenience to do business in the US.
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Make it much much easier cheaper and faster for second register ships to clear US customs, clear security screening, obtain crew shoreleave, etc., that it currently is for flag of convenience ships.
4, Set the regulations, inspections, and legal requirememts for ships in the second register at customary international standards.
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Only require four American officers, the Master and any three other officers. This would have to be phased in over time.
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Phase out recognition of all flags of convenience, including access to US ports.
Suddenly, 90 percent of the American owned flag of convenience ships would be in the second register. So would a significant percentage of non-American owned flag of convenience ships that regularly trade to the US. It would help the US gain scale in shipping.
As has been pointed out by several others, there is no downside to having a second US register. The only thing open to debate is how much upside? Something is better than nothing.
The US is a very large global trader. It can find a way to make a second register attractive and beneficial.