The Harbor Maintenance Act of 2013 would release funding the Army Corps of Engineers needs to dredge the river and surrounding waterways.

The funding is now in the Harbor Maintenance Trust, which was set up in 1986 to fund maintenance of federal ports and harbors. The trust is funded through shipping fees, and the balance is approaching seven billion dollars.

Schumer said the funds are critical to area businesses like General Mills , and would also help attract new businesses to the waterfront.