Fishing Vessel Financing Improvement Act of 2026
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill, the Fishing Vessel Financing Improvement Act of 2026, amends the United States Code to improve the process for the Department of Transportation and the Maritime Administration to provide direct loans for financing fishing vessels. It clarifies definitions related to ‘fishing,’ adjusts loan purposes and funding limits, and introduces a limitation on guarantees to ensure they align with sustainable fisheries management. The bill also addresses eligibility for certain newer vessels and ties funding to the National Defense Authorization Act.
Key provisions
- Clarifies the definition of ‘fishing’ to align with the Magnuson-Stevens Fishery Conservation and Management Act.
- Modifies loan purposes to focus on the purchase of used fishing vessels and related seafood trade.
- Reduces funding limits for obligations related to fishing facilities and used fishing vessels.
- Limits guarantees on obligations for used fishing vessels to 87.5% of the vessel’s cost.
- Expands eligibility for guarantees to include newer fishing vessels (over 79 feet) built after January 1, 2021.
- Requires guarantees for vessels constructed or refinanced for fishing or seafood related trade to be funded by the National Defense Authorization Act.
- Addresses the replacement of vessels due to changing operating standards.
- Specifies that guarantees are subject to the wise use of fisheries resources.
Who is affected
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Sponsors
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2 on record
Primary sponsor
![Nicholas J. [R-AK-At Large] Begich](/_next/image?url=https%3A%2F%2Fcivik-platform-media-us-east-1-prod.s3.us-east-1.amazonaws.com%2Flegislator-portraits%2Fcongress%2FB001323.jpg&w=64&q=75){kind=small}
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