Commercial Fisheries Improvement Fund Act

Summary

Commercial Fisheries Improvement Fund Act - Authorizes the Secretary of Commerce to make long-term, low interest, incentive loans for investment in shoreside facilities and fishing vessels for underutilized fisheries. Requires the Secretary, before approving a loan for the purchase of a new or used vessel, to determine that the applicant's contemplated 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 made pursuant to this Act be made only to citizens or nationals of the United States. Stipulates 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 to be used by the Secretary to make loans under this Act. Authorizes the appropriation of $250,000,000 as initial capital for all loans under this Act. Repeals provisions of the Fish and Wildlife Act of 1956 which make available loans for the 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 be handled in accordance with this Act.

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1 official file

• Introduced in Senate

  summary · EN · 19 January 1977

  Open at official source

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