H.R. 7350

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7350 Introduced in House (IH)]

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119th CONGRESS
2d Session
H. R. 7350

To amend title 46, United States Code, to make changes with respect to 
direct loans by the Department of Transportation and the Maritime 
Administration for financing of fishing vessels, and for other 
purposes.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

February 4, 2026

Mr. Begich (for himself and Mr. Larsen of Washington) introduced the 
following bill; which was referred to the Committee on Armed Services

_______________________________________________________________________

A BILL

To amend title 46, United States Code, to make changes with respect to 
direct loans by the Department of Transportation and the Maritime 
Administration for financing of fishing vessels, and for other 
purposes.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Fishing Vessel Financing Improvement 
Act of 2026''.

SEC. 2. FINANCING OF FISHING VESSELS.

(a) Definitions.--Section 53701 of title 46, United States Code, is 
amended--
(1) by redesignating paragraphs (5) through (15) as 
paragraphs (6) through (16), respectively;
(2) by inserting after paragraph (4) the following:
``(5) Fishing.--The term `fishing' has the meaning given 
such term in section 3 of the Magnuson-Stevens Fishery 
Conservation and Management Act (16 U.S.C. 1802).''; and
(3) in paragraph (14), as so redesignated, by inserting 
``used'' before ``fishing vessels''.
(b) Direct Loans.--Section 53702(b) of title 46, United States 
Code, is amended--
(1) in the subsection heading by striking ``Direct Loans 
for Fisheries'' and inserting ``Direct Loans'';
(2) in paragraph (1) by inserting ``used'' before ``fishing 
vessel''; and
(3) in paragraph (4) by striking ``the purpose of'' and all 
that follows through ``financing the purchase'' and inserting 
``the purpose of financing the purchase''.
(c) Funding Limits.--Section 53704(a) of title 46, United States 
Code, is amended by striking ``obligations related to fishing vessels 
and fishery facilities'' and inserting ``obligations by the Secretary 
related to fishing facilities, and used fishing vessels''.
(d) Eligible Purposes of Obligations.--Section 53706(a)(1)(A) of 
title 46, United States Code, is amended--
(1) in clause (iv) by striking the second ``or'';
(2) in clause (v) by striking the period and inserting ``; 
or''; and
(3) by adding at the end the following:
``(vi) in the fishing industry or seafood 
related trade.''.
(e) Findings Related to Obligors and Operators.--Section 53707(c) 
of title 46, United States Code, is amended by inserting ``or 
Administrator'' after ``Secretary''.
(f) Findings Related to Economic Soundness.--Section 53708 of title 
46, United States Code, is amended by adding at the end the following:
``(f) Limitation.--The Administrator may not guarantee or make a 
commitment to guarantee an obligation under this chapter if the 
Secretary determines such guarantee or commitment is inconsistent with 
the wise use of the fisheries resources and the development, 
advancement, management, conservation, and protection of the fisheries 
resources consistent with the Magnuson Stevens Fishery Conservation and 
Management Act (16 U.S.C. 1801 et seq.).''.
(g) Amount of Obligations.--Section 53709 of title 46, United 
States Code, is amended--
(1) in subsection (b)(3)--
(A) by striking ``For a fishing vessel or fishery 
facility'' and inserting the following:
``(A) In general.--For a used fishing vessel or 
fishery facility''; and
(B) by adding at the end the following:
``(B) Increased limitation.--For a fishing vessel 
for which the Administrator guarantees an obligation, 
the principal amount may not exceed 87.5 percent of the 
actual cost or depreciated cost.''; and
(2) in subsection (e) by inserting ``or Administrator'' 
after ``Secretary''.
(h) Replacement of Vessels Because of Changes in Operating 
Standards.--Section 53734 of title 46, United States Code, is amended--
(1) in subsection (a)(1) by inserting ``fishing, or other 
seafood related,'' before ``coastwise, intercoastal, or foreign 
trade'';
(2) in subsection (b)(2) by striking ``construction or 
reconstruction of the vessel'' and inserting ``construction or 
refinancing and reconstruction of the vessel''; and
(3) by adding at the end the following:
``(f) Applicability.--Guarantees made under subsection (a) for the 
construction or refinancing and reconstruction of a vessel designed and 
to be used in fishing or seafood related trade shall be made only with 
funds, including funds for the cost of guaranteed loans, appropriated 
on or after the date of enactment of the National Defense Authorization 
Act for Fiscal Year 2026.''.
(i) Eligibility.--Notwithstanding any requirements that such vessel 
be reconstructed, reconditioned, or repaired to qualify for a guarantee 
of an obligation, for a period of 2 years after the date of enactment 
of this Act, a fishing vessel greater than 79 feet overall in length 
built and documented after January 1, 2021, shall be eligible for a 
guarantee of an obligation from the Administrator under chapter 537 of 
title 46, United States Code.
(j) Savings Clause.--Nothing in this section, or the amendments 
made by this section, shall limit the authority of the Secretary of 
Commerce to provide direct loan obligations authorized by section 
211(e) of the American Fisheries Act (Public Law 105-277).
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