A bill to amend title 46, United States Code, to modify the vessels eligible for a fishery endorsement, and for other purposes.

Revises provisions concerning fishery endorsements for specified vessels that are either over 165 feet, more than 750 or 1,900 gross measured tons, or with more than 3,000 shaft power and that have a certificate of documentation issued for a fishery endorsement effective after September 25, 1997, and not placed under foreign registry after October 21, 1998, to also require for eligibility purposes that the vessel be either a rebuilt or replacement vessel under specified provisions of the American Fisheries Act relating to requirements for rebuilding and replacing vessels that are being revised by this Act and be otherwise eligible. Sets forth rules under such provisions of the American Fisheries Act relating to requirements for rebuilding and replacing vessels that are being revised by this Act concerning: (1) recommendations of the North Pacific Council for the Bering Sea and Aleutian Islands Management Area or the Gulf of Alaska; (2) certain catcher vessels; (3) limitations on fishery endorsements; and (4) Gulf of Alaska groundfish fisheries limitations.

Amends the American Fisheries Act with respect to: (1) the exemption of specified vessels; and (2) fishery allowances and the removal of a catcher vessel from the directed pollock fishery.