HR2071-119

What This Bill Does

The Save Our Shrimpers Act uses U.S. voting power at international financial institutions to restrict financial support for foreign shrimp production and export projects. The Treasury Secretary must instruct each U.S. Executive Director at covered international financial institutions to use the United States' voice and vote to oppose assistance for any project that supports shrimp farming, shrimp processing, or shrimp exports in borrowing countries. Treasury may waive the opposition requirement for a specific project only after notifying Congress that the waiver is in the national interest. The requirement sunsets after 7 years. Earlier text also pairs the policy with Government Accountability Office reporting on U.S. Executive Director compliance and commodities or minerals in surplus on world markets.

Who Benefits and How

Domestic shrimpers benefit because U.S. representatives at development banks must oppose financing that could expand competing foreign shrimp farms, processors, or exporters. U.S. shrimp fishing communities benefit if reduced multilateral support for foreign shrimp production lowers pressure from subsidized imports. Congressional trade and finance committees gain waiver notices and, in earlier text, GAO compliance reporting. Supporters of domestic seafood production receive a targeted trade-finance restriction they can cite in disputes over foreign shrimp competition.

Who Bears the Burden and How

The Treasury Secretary must issue instructions, monitor covered international financial institutions, and notify Congress before waiving the restriction. U.S. Executive Directors at international financial institutions must use U.S. voice and vote against covered shrimp projects. Foreign shrimp farms, processors, and exporters in borrowing countries may lose access to development-bank assistance. Borrowing countries seeking shrimp-sector financing face a U.S. opposition vote unless Treasury grants a national-interest waiver. The Government Accountability Office must report on compliance if the reporting language is included in the enacted version.

Key Provisions

• Requires Treasury instructions to U.S. Executive Directors at international financial institutions.
• Blocks U.S. support for assistance to shrimp farming, shrimp processing, and shrimp export projects in borrowing countries.
• Authorizes a project-specific national-interest waiver only after congressional notice.
• Provides a 7-year sunset for the international-finance opposition requirement.
• Requires GAO compliance reporting in earlier bill text on U.S. Executive Director actions and surplus commodities.