Kennedy-Stevens Commercial Fishing Industry Revitalization Act

Kennedy-Stevens Commercial Fishing Industry Revitalization Act - Amends the Saltonstall-Kennedy Act to establish the Fishing Industry Revitalization Fund, and to appropriate to the Fund for each fiscal year commencing October 1, 1976, an amount equal to the gross receipts from customs duties on fishery products during the calendar year containing the first day of the fiscal year. Repeals the appropriation of 30 percent of such gross receipts to the Department of Agriculture. Directs the Secretary of Commerce to make all such funds available to the Regional Fishery Management Councils to carry out their duties under the Saltonstall-Kennedy Act. Makes appropriations to the Fund for each fiscal year beginning October 1, 1976, of an amount equal to the penalties, fines, and forfeitures assessed for violations of the Fishery Conservation and Management Act of 1976.

Authorizes the Secretary of Commerce to promulgate regulations for the allotment of funds for commercial fishing industry revitalization by the Councils, under specified criteria. Prohibits use of such funds for administrative expenses of the Councils or the Secretary, except those related to the Saltonstall-Kennedy Act.

Permits the Councils to provide grants and loans to increase the efficiency or improve the capability of commercial fishermen and the fishing industry. Directs the Secretary to guarantee the payment of such indebtedness, under specified criteria, and to collect fees for such guarantees. Sets forth procedures for (1) collection of such indebtedness under guarantees of the Secretary and (2) subrogation of the rights of the Secretary. Directs the Attorney General, upon the request of the Secretary, to enforce the rights of the Secretary or the United States with respect to such payment. Stipulates the disposition of sums or property received in satisfaction of such claims. Authorizes the Secretary to issue obligations to the Secretary of the Treasury, if sums available to the Secretary of Commerce are insufficient to meet obligations under this Act.

Authorizes the Secretary of Commerce, upon petition and a finding that any person is unable to meet obligations under this Act, (1) to modify or refinance such obligation, (2) to make a supplemental loan to such person, or (3) to make a grant to such person to be applied to such obligation.

Sets forth procedures for the approval of assistance for commercial fishing programs by the Regional Fishery Management Councils and the Secretary. Authorizes the Secretary to promulgate regulations for such programs.