A bill to promote the Americanization of domestic marine fishery resources, and for other purposes.

Amends the Magnuson Fishery Conservation and Management Act to decrease annually through 1989 the total allowable levels of foreign fishing within fisheries subject to the exclusive management authority of the United States.

Allows certain foreign nations to be granted a larger total allowable fishing level if such nations enter into a bilateral international fishery agreement with the United States through the Secretary of State. Requires the Secretary, in conducting negotiations regarding any such agreement, to establish, designate, and consult with industry advisory committees composed of an equal number of U.S. fish harvesters and U.S. fish processors.

Prohibits any foreign nation's total allowable level of foreign fishing after January 1, 1995, from exceeding that nation's allowable level for calendar year 1985.

Provides for the placement into various reserves of the amount by which foreign fishing is reduced under this Act.

Requires that the allowable levels of foreign fishing established by this Act or by an international fishery agreement be reduced any time the growth of the U.S. fishing industry exceeds the reductions.