A bill to amend the Magnuson Fishery Conservation and Management Act regarding allocation of allowable levels of foreign fishing.

Amends the Magnuson Fishery Conservation and Management Act to require that one of the factors to be considered in allocating fishery levels to a foreign nation shall be the tariff and nontariff barriers of the foreign nation on the market access of both U.S. fish and fishery products, particularly fish and fishery products for which the foreign nation has requested an allocation. Requires that another such factor to be considered shall be the extent to which such nation is cooperating in both advancing opportunities for fisheries exports from the United States through the purchase of fishery products from U.S. processors and in advancing fisheries trade through the purchase of fish and fishery products from U.S. fisherman.

Authorizes (currently requires) the Secretary of State to allocate to foreign fishing vessels that portion of the optimum yield for a harvesting season which will not be harvested by U.S. vessels.

Authorizes (currently requires) the Secretary of State, in consultation with the Secretary of commerce, to determine the allocation of allowable levels of foreign fishing among foreign nations.

Requires conservation and management measures in fishery management, on a continuing basis, the optimum yield from each fishery for the U.S. fishing industry.