Fishing Vessel Financing Improvement Act of 2026
Summary
What This Bill Does
This bill amends title 46 vessel-financing law so federal guarantees can cover used fishing vessels, fishing vessels, and seafood-related trade vessels. It adds a Magnuson-Stevens definition of fishing, raises the guaranteed principal limit for fishing vessels to 87.5 percent of actual or depreciated cost, allows guarantees for fishing or seafood-related vessel construction, refinancing, and reconstruction with newly appropriated funds, and creates a two-year eligibility window for fishing vessels over 79 feet built and documented after January 1, 2021. The bill also preserves a Commerce Department check: MARAD may not guarantee an obligation if Commerce finds the guarantee inconsistent with wise use, development, management, conservation, or protection of fisheries resources under Magnuson-Stevens.
Who Benefits and How
Fishing vessel owners, seafood businesses, vessel lenders, shipyards, and vessel reconstruction contractors benefit because more vessel purchases, refinancing, and reconstruction projects can qualify for federal credit support. Newer large fishing vessels over 79 feet receive a temporary route into the guarantee program even if they would otherwise fail reconstruction or repair requirements.
Who Bears the Burden and How
MARAD must administer the expanded guarantee authority, and the Commerce Department must evaluate whether guarantees are consistent with fisheries conservation and management. Federal taxpayers assume credit risk from larger or broader guarantees, while vessel applicants can be denied if the Secretary of Commerce finds the project inconsistent with fishery-resource protection.
Key Provisions
- Expands title 46 financing authority to used fishing vessels and vessels in fishing or seafood-related trade.
- Raises the guarantee principal cap for fishing vessels to 87.5 percent of actual or depreciated cost.
- Bars guarantees that Commerce determines are inconsistent with wise use and conservation of fisheries resources under Magnuson-Stevens.
- Creates a two-year guarantee eligibility window for fishing vessels over 79 feet built and documented after January 1, 2021.
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
Expands federal ship-financing loan-guarantee authority for used fishing vessels and fishing or seafood trade vessels while preserving Commerce Department fisheries-conservation review.
Key Policy Areas
Fisheries, Transportation, Finance
Primary Purpose
Expands federal ship-financing loan-guarantee authority for used fishing vessels and fishing or seafood trade vessels while preserving Commerce Department fisheries-conservation review.
Policy Domains
Substantive provisions
Identified Gains
- Fishing vessel owners
- Seafood businesses
- Vessel lenders
- Shipyards
- Vessel reconstruction contractors
Identified Costs
- MARAD
- Commerce Department
- Federal taxpayers
- Fishing vessel applicants
Sponsors
Legislative Progress
In CommitteeReferred to the House Committee on Armed Services.
Introduced in House
Mr. Begich (for himself and Mr. Larsen of Washington) introduced …
Stakeholder Effects
cui bono?How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.
Commerce Department, Fishing vessel owners, Seafood businesses
Positive-direction: Fishing vessel owners, Seafood businesses
Negative-direction: Commerce Department
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "Secretary"
- → Secretary of Commerce for fisheries-resource determinations
- "Administrator"
- → Maritime Administrator
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology