A bill to provide incentive loans to the commercial fisheries industry for the development of underutilized fisheries and to authorize the Secretary of Commerce to guarantee certain other loans made by banks to the commercial fisheries industry.
Commercial Fisheries Financial Assistance Act - Directs the Secretary of Commerce to promulgate rules and regulations to carry out this Act.
Title I: Direct Incentive Loans - Directs the Secretary to make long-term, low-interest, incentive loans for the construction, rehabilitation, purchase, or operation of new or used fisheries shoreside facilities and fishing vessels for underutilized fisheries.
Authorizes the Secretary to make loans to provide financial assistance needed to offset economic distress in the commercial fisheries industry.
Establishes in the Treasury a Commercial Fisheries Financing Fund to be used by the Secretary to make loans pursuant to this title. Authorizes appropriations to the Fund to provide capital for all loans under this Act.
Amends the Fish and Wildlife Act to repeal the provision authorizing loans for commercial fishing vessels or gear, and to transfer all assets and liabilities of such loan fund to the Commercial Fisheries Financing Fund.
Title II: Loan Guarantees - Authorizes the Secretary to guarantee loans for the construction, expansion, or rehabilitation of fisheries shoreside facilities, or the purchase, construction or rehabilitation of fishing vessels.
Creates a Commercial Fisheries Loan Guarantee Fund to carry out the purposes of this title.
Sets forth procedures to be followed by the Secretary in the event of a default on such loan.
Introduced in House
Introduced in House
Referred to House Committee on Merchant Marine and Fisheries.
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