,i  #aacth ,,congress  #ast ,session    
,h4 ,r4 #bfdf  ,,in ,,the ,,house ,,of  
,,representatives  ,july #aj1 #bjac ,ms4
 ,herrera ,beutler 7for herself1 ,mr4   
,huffman1 ,mr4 ,thompson of ,california1
 ,mr4 ,de,fazio1 ,mr4 ,young of ,alaska1
 and ,mr4 ,reichert7 introduced the     
following bill2 which was referred to   
the ,committee on ,natural ,resources   
,a ,,bill  ,to direct the ,secretary of 
,commerce to issue a fishing capacity   
reduction loan to refinance the existing
 loan funding the ,pacific ,coast       
groundfish fishing capacity reduction   
program4  #a4 ,short title ,this ,act   
may be cited as the ,revitalizing the   
,economy of ,fisheries in the ,pacific  
,act or the ,,refi ,pacific ,act4  #b4  
,findings2 purpose  7a7 ,findings       
,congress makes the following findings3 
7#a7 ,in #bjjj1 the ,secretary of       
,commerce declared the ,west ,coast     
groundfish fishery a ,federal fisheries 
economic disaster due to low stock      
abundance1 an overcapitalized fleet1 and

 historically overfished stocks4  7#b7  
,section #bab of the ,department of     
,commerce and ,related ,agencies        
,appropriations ,act1 #bjjc 7title ,,ii 
of division ,b of ,public ,law #ajh-g2  
#aag ,stat4 #hj7 was enacted to         
establish a ,pacific ,coast groundfish  
fishing capacity reduction program1 also
 known as a buyback program1 to remove  
excess fishing capacity4  7#c7 ,in      
#bjjc1 ,congress authorized the         
#ce1gjj1jjj buyback loan1 creating the  
,pacific ,coast groundfish fishing      
capacity reduction program through the  
,national ,marine ,fisheries ,service   
fisheries finance program with a term of
 #cj years4 ,the interest rate of the   
buyback loan was fixed at #f4ig percent 
and is paid back based on an ex-vessel  
fee landing rate not to exceed #e       
percent for the loan4  7#d7 ,the        
groundfish fishing capacity reduction   
program resulted in the removal of      
limited entry trawl ,federal fishing    
permits from the fishery1 representing  

approximately #df percent of total      
landings at the time4  7#e7 ,because of 
an absence of a repayment mechanism1    
#d1bdc1gcj in interest accrued before   
fee collection procedures were          
established in #bjje1 over #ah months   
after the groundfish fishing capacity   
reduction program was initiated4  7#f7  
,in #bjaa1 the ,west ,coast groundfish  
fishery transitioned to an individual   
fishing quota fishery1 which is a type  
of catch share program4  7#g7 ,by #bjae1
 ,west ,coast groundfish fishermen's    
expenses are expected to include fees of
 approximately #dej per day for         
observers1 a #c-percent cost recovery   
fee as authorized by the                
,magnuson-,stevens ,fishery             
,conservation and ,management ,act 7#af 
,u4,s4,c4 #ahja7 for catch share        
programs1 and a #e-percent ex-vessel    
landings rate for the loan repayment1   
which could reach #ah percent of their  
total gross revenue4  7#h7 ,in #bjab1   
the ,west ,coast groundfish limited     

entry trawl fishery generated           
#fc1jjj1jjj1 an increase from an average
 of #de1jjj1jjj during the years #bjjf  
to #bjaa4 ,this revenue is expected to  
continue to increase                    
post-rationalization4  7b7 ,purpose ,the
 purpose of this ,act is to refinance   
the ,pacific ,coast groundfish fishery  
fishing capacity reduction program to   
protect and conserve the ,west ,coast   
groundfish fishery and the coastal      
economies in ,california1 ,oregon1 and  
,washington that rely on it4  #c4       
,refinancing of ,pacific ,coast         
groundfish fishing capacity reduction   
loan  7a7 ,in general ,the ,secretary of
 ,commerce1 upon receipt of such        
assurances as the ,secretary considers  
appropriate to protect the interests of 
the ,united ,states1 shall issue a loan 
to refinance the existing debt          
obligation funding the fishing capacity 
reduction program for the ,west ,coast  
groundfish fishery implemented under    
section #bab of the ,department of      

,commerce and ,related ,agencies        
,appropriations ,act1 #bjjc 7title ,,ii 
of division ,b of ,public ,law #ajh-g2  
#aag ,stat4 #hj74  7b7 ,applicable law  
,except as otherwise provided in this   
section1 the ,secretary shall issue the 
loan under this section in accordance   
with subsections 7b7 through 7e7 of     
section #cab of the ,magnuson-,stevens  
,fishery ,conservation and ,management  
,act 7#af ,u4,s4,c4 #ahfa;a7 and        
sections #ecgjb and #ecgce of title #df1
 ,united ,states ,code4  7c7 ,loan term 
7#a7 ,in general ,notwithstanding       
section #ecgce7;c77#d7 of title #df1    
,united ,states ,code1 a loan under this
 section shall have a maturity that     
expires at the end of the #de-year      
period beginning on the date of issuance
 of the loan4  7#b7 ,extension          
,notwithstanding paragraph 7#a7 and if  
there is an outstanding balance on the  
loan after the period described in      
paragraph 7#a71 a loan under this       
section shall have a maturity of #de    

years or until the loan is repaid in    
full4  7d7 ,limitation on fee amount    
,notwithstanding section                
#cab7;d77#b77;,b7 of the                
,magnuson-,stevens ,fishery             
,conservation and ,management ,act 7#af 
,u4,s4,c4 #ahfa;a7d77#b77;,b771 the fee 
established by the ,secretary with      
respect to a loan under this section    
shall not exceed #c percent of the      
ex-vessel value of the harvest from each
 fishery for where the loan is issued4  
7e7 ,interest rate  7#a7 ,in general    
,notwithstanding section #ecgjb7;b77#b7 
of title #df1 ,united ,states ,code1 the
 annual rate of interest an obligor     
shall pay on a direct loan obligation   
under this section is the percent the   
,secretary must pay as interest to      
borrow from the ,treasury the funds to  
make the loan4  7#b7 ,subloans ,each    
subloan under the loan authorized by    
this section--  7,a7 shall receive the  
interest rate described in paragraph    
7#a72 and  7,b7 may be paid off at any  

time notwithstanding subsection 7c77#a74
  7f7 ,ex-,vessel landing fee  7#a7     
,calculations and accuracy ,the         
,secretary shall set the ex-vessel      
landing fee to be collected for payment 
of the loan under this section--  7,a7  
as low as possible1 based on recent     
landings value in the fishery1 to meet  
the requirements of loan repayment2     
7,b7 upon issuance of the loan in       
accordance with paragraph 7#b72 and     
7,c7 on a regular interval not to exceed
 every #e years beginning on the date of
 issuance of the loan4  7#b7 ,deadline  
for initial ex-vessel landings fee      
calculation ,not later than #fj days    
after the date of issuance of the loan  
under this section1 the ,secretary shall
 recalculate the ex-vessel landing fee  
based on the most recent value of the   
fishery4  7g7 ,authorization ,there is  
authorized to be appropriated to the    
,secretary of ,commerce to carry out    
this section an amount equal to #a      
percent of the amount of the loan       

authorized under this section for       
purposes of the ,federal ,credit ,reform
 ,act of #aiij 7#b ,u4,s4,c4 #ffa et    
seq474