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United States · Bill · S

S. 3624 (94th)

Commercial Fisheries Improvement Fund Act

referredUnited States· United States Congress· EN

Introduced

25 June 1976

Last action

25 June 1976 · Introduced

Status

Referred to Senate Committee on Commerce.

Sponsors

Sen. Hathaway, William D. [D-ME], Sen. Sparkman, John J. [D-AL], Sen. Kennedy, Edward M. [D-MA], Sen. McIntyre, Thomas J. [D-NH], Sen. Gravel, Mike [D-AK], Sen. Williams, Harrison A., Jr. [D-NJ], Sen. Allen, James B. [D-AL], Sen. Chiles, Lawton [D-FL], Sen. Durkin, John A. [D-NH], Sen. Stone, Richard (Dick) [D-FL], Sen. Muskie, Edmund S. [D-ME], Sen. Hatfield, Mark O. [R-OR], Sen. Brooke, Edward W. [R-MA], Sen. Ribicoff, Abraham A. [D-CT]

Subjects

Discovery layer

Source updated

2 September 2025

Official sourceView documentsShare

Summary

Commercial Fisheries Improvement Fund Act - Authorizes the Secretary of Commerce to make long-term, low interest, incentive loans for investment in fisheries shoreside facilities for underutilized fisheries and fishing vessels for underutilized fisheries. Sets forth the terms for such loans. Requires the Secretary, before approving a loan for the purchase of a new or used vessel, to determine that the applicant's comtemplated operation of such vessel in a fishery will not cause economic hardship or injury to efficient vessels already operating in that fishery. Directs that loans pursuant to this Act shall be made only to citizens or nationals of the United States. Provides that no corporation, partnership, or association organized under the laws of American Samoa shall be deemed a national of the United States unless 75 percent of the interest therein is owned by nationals or citizens of the United States. Establishes in the U.S. Treasury a Commercial Fisheries Improvement Fund which shall be used by the Secretary as a fund from which to make loans under this Act. Authorizes the appropriation of $250,000,000 to provide initial capital for all loans under this Act. Repeals provisions of the Fish and Wildlife Act of 1956 which provide loans for financing or refinancing of the cost of purchasing, constructing, equipping, maintaining, repairing, or operating commercial fishing vessels or gear. Directs that any outstanding loans made under such provisions shall be handled in accordance with this Act.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 25 June 1976

    Introduced

    Referred to Senate Committee on Banking, Housing and Urban Affairs.

    Source: IntroReferral

  2. 25 June 1976

    Introduced

    Introduced in Senate

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

Sponsors

Related records

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Sources

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