Domestic Fisherman and Allied Agencies' Emergency Assistance Act

Domestic Fisherman and Allied Agencies' Emergency Assistance Act - Permits commercial fishermen and allied sport fishing camps who are adversely affected by the imposition of prohibitive Federal and State restrictions to apply to the Secretary of the Interior for grants to enable such person to meet the usual business expenses, which, but for the economic loss caused him by the imposition of such restrictions, such person would ordinarily be able to meet.

Limits reimbursements to restrictions related to a deterioration in the quality of the aquatic environment and imposed on or after January 1, 1970, by any State or by any department or agency of the Federal Government which, in the judgment of the Secretary, impairs the economic feasibility of any type of domestic fishing to such an extent as to reduce: (1) by 50 percent or more the fair market value in the affected area, of fishing or equipment principally useful for that type of fishing; or (2) by 20 percent or more the market value of the commercial catch in the affected area which would have been realized in the calendar year concerned but for the imposition of such restrictions, and which also results in allied sport fishing camps proportionate losses.

Authorizes the Secretary to attach conditions and limitations on such grants. Provides that the acceptance of a grant under this Act shall operate as an assignment to the Secretary of all rights of the eligible person receiving the grant to recover damages against any party for committing or failing to commit acts which resulted in the imposition of the prohibitive Federal or State restrictions on the basis of which the eligible person obtained such grant.

Authorizes an amount not to exceed $5,000,000 for fiscal year 1974 and an amount not to exceed $6,000,000 for each of the four succeeding fiscal years to carry out the purposes of this Act.