A bill to protect the domestic fishing industry by granting to it the same protections granted to the coastwise trade.

Revises the Shipping Act of 1916 to extend coverage under such Act to the domestic fishing industry of the United States.

Provides that no vessel owned by a corporation shall be documented to engage in the American fisheries unless such vessel is owned by corporate citizens as defined in the Shipping Act of 1916.

Allows all vessels, which on March 11, l975, were owned by and documented to engage in the American fisheries in the name of corporations not such corporate citizens, to continue such documentation so long as: (1) ownership of the vessels by such noncitizen corporations remains unchanged; and (2) there is no direct or indirect sale or transfer of any interest in such noncitizen corporations except to individual and corporate citizens of the United States.

Provides that with the prior approval of the Secretary of Commerce such vessels owned by noncitizen corporations that are eligible for documentation under the above provisions may be replaced. Stipulates that such replacement may occur so long as the aggregate gross tonnage of vessels eliminated from the fleet of such noncitizen corporations.