Bill > HR7350

This bill, titled the Fishing Vessel Financing Improvement Act of 2026, aims to enhance the Department of Transportation and the Maritime Administration's direct loan programs for financing fishing vessels. Key provisions include clarifying the definition of "fishing" by referencing the Magnuson-Stevens Fishery Conservation and Management Act, a law that governs fisheries in U.S. waters, and ensuring that loans are specifically for "used" fishing vessels in certain contexts. The bill also adjusts funding limits and eligible purposes for these loans, allowing them to cover obligations related to fishing facilities and used fishing vessels, and expanding eligible purposes to include the fishing industry and seafood-related trade. Furthermore, it introduces a limitation where the Administrator (likely referring to the head of the Maritime Administration) cannot guarantee or commit to guarantee an obligation if the Secretary determines it's inconsistent with the wise use and conservation of fisheries resources, as outlined in the Magnuson-Stevens Act. The bill also modifies loan amount limitations for used fishing vessels and allows for increased loan percentages for fishing vessels under certain conditions, and permits refinancing and reconstruction for fishing vessels. Finally, it establishes a temporary eligibility period for certain recently built fishing vessels to receive loan guarantees, and includes a savings clause to ensure that existing authorities for direct loan obligations under the American Fisheries Act remain unaffected.

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https://www.congress.gov/bill/119th-congress/house-bill/7350/all-info