Condensed versions of remarks by Coast Guard representatives are available here.
This is well outside my wheelhouse, so no comment, but MarineLink has an interview with Assistant Commandant for Prevention Policy, Rear Admiral Paul Thomas.
An interesting note from Bryant’s Maritime Consulting,
“The SS Marine Electric sank during a storm in the North Atlantic on 12 February 1983. Of the 34 crew members on board, three survived, but only after enduring 90 minutes in extremely cold water. The ship had passed all required inspections and surveys, but the subsequent USCG Marine Casualty Report revealed the inspections and surveys to have been perfunctory. As a result, inspection standards were drastically improved. In addition, carriage of survival suits became mandatory for ships on winter routes and the Coast Guard rescue swimmer program was initiated. The circumstances are detailed in Robert Frump’s book “Until the Sea Shall Free Them”.”