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Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
United States Fisheries Development Corporation Act -
United States Fisheries Development Corporation
Establishes the United States Fisheries Development Corporation and a Financial Affairs Committee to advise the Board of Directors of such Corporation regarding financial assistance programs and other financial matters of the Corporation. Directs the Secretary of Commerce, on October 1, 1984, to transfer to the Corporation: (1) 60 percent of all monies from the fisheries fund established by the Act of August 11, 1939 (Saltonstall-Kennedy Act); and (2) all unobligated monies from the fisheries loan fund established by the Fish and Wildlife Act of 1956. Authorizes appropriations, if necessary, so that the transferred amount totals $100,000,000. Authorizes appropriations, beginning with FY 1985, as necessary to pay personnel and administrative costs.
Functions of Corporation
Sets forth the functions of the Corporation, including: (1) administration of the loan program, loan guarantee program, and grant program; (2) identifying and analyzing constraints that inhibit the harvesting, processing, and marketing sectors of the fishing industry; (3) establishing and maintaining an information service; (4) entering into arrangements with foreign nations and institutions for the exchange of relevant data; (5) providing technical assistance and advisory and insurance services; and (6) increasing the effectiveness of export promotion for fishing industry products. Authorizes the Corporation to make loans and loan guarantees to United States citizens for fishing vessels and shoreside facilities and grants for research and development projects. Sets forth terms and conditions for such financial assistance. Authorizes the Corporation to participate in joint ventures, on terms and conditions prescribed by the Board, that will contribute to the development of of the fishing industry. Directs the Corporation to facilitate, through loans, guarantees, and insurance, export transactions to foster the expansion of foreign markets.
Amends the Fish and Wildlife Act of 1956 and the American Fisheries Promotion Act to repeal the existing fishing vessel loan program. Amends the Saltonstall-Kennedy Act to revise the distribution of monies received under the fisheries fund. Directs the Secretary of Agriculture to transfer a specified percentage of duties collected under the customs laws for fishery products to the Corporation to be used to carry out the grant program. Prohibits the Secretary of Commerce from guaranteeing any obligation under title XI of the Merchant Marine Act, 1936, which aids in the financing or refinancing of the construction, reconstruction, reconditioning, or purchase of any fishing vessel or facility. Provides for the transfer of fees collected from foreign fishing vessels to the Corporation for use in the export promotion of fishing products. Requires the Corporation to report to Congress annually, by January 31 of each year, on its activities.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
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