Industrial Fisheries Development Act

Industrial Fisheries Development Act - Directs the Secretary of the Interior to carry out directly or by contract, a three-year program to develop the industrial fisheries resources in the coastal waters of the United States and in areas of the high seas adjacent to such waters. Provides that the program shall be primarily concerned with exploration for fish species which are suitable for the manufacture of fish meal, fish oil, and fish protein concentrate, but shall also include gear development and the improvement of harvesting techniques.

Requires a report to the President and the Congress not later than June 30, 1976, of the results of such activities. Authorizes an appropriation of $3,000,000 to carry out the provisions of this Act.

Provides that the amount used to carry out the purposes of this Act in the Pacific Ocean area, Atlantic Ocean Area, and the Gulf of Mexico area, may not exceed an amount which bears the same ratio to the total amount of funds that the average value of fish caught for industrial purposes by United States fishermen in such area during the period beginning January 1, 1959, and ending December 31, 1969, bears to the average value of fish caught for industrial purposes by United States fishermen in all three areas during such period.