A bill to improve certain maritime programs of the Department of Transportation and the Department of Commerce.

(Measure passed Senate, amended)

Amends the Merchant Marine Act, 1936, to declare that an assumption of an obligation by the Secretary of Transportation or the Secretary of Commerce does not affect the validity of the guarantee of such obligation. Makes eligible for a loan guarantee any vessel or fishery facility for which obligations were accelerated and paid after default.

Revises restrictions on the Secretary of Transportation's authority to make a loan guarantee, by setting forth areas of consideration for the Secretary prior to making such guarantee, including the need for technical improvements for inland waterways.

Authorizes the Secretaries, in the event of a default, to assume the obligor's rights and duties under a loan or other security agreement.

Requires regulations on fees charged loan obligors to provide a formula for determining creditworthiness under which the most creditworthy obligors qualify for the fee computed on the lowest allowable percentage, and the least creditworthy obligors for a fee computed on the highest allowable percentage.

Eliminates the authority of the Federal Maritime Commission to initiate investigations.