,,ii ,calendar ,no4 #eef #aacth         
,,congress  #b;d ,session  ,s4 #abge    
,report ,no4 #aac-bea ,,in ,,the        
,,senate ,,of ,,the ,,united ,,states   
,july #aj1 #bjac,ms4 ,cantwell 7for     
herself1 ,mrs4 ,boxer1 ,mrs4 ,murray1   
,mr4 ,merkley1 ,mrs4 ,feinstein1 ,mr4   
,wyden1 and ,mr4 ,begich7 introduced the
 following bill2 which was read twice   
and referred to the ,committee on       
,commerce1 ,science1 and ,transportation
  ,september #aj1 #bjad,reported by ,mr4
 ,rockefeller1 with an amendment,strike 
out all after the enacting clause and   
insert the part printed in italic  ,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 the ,secretary may      
extend the loan under the terms provided
 in this section4  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 ,an      
individual who holds a subloan under the
 loan authorized by this section-- 7,a7 
shall receive the interest rate         
described in paragraph 7#a7 on the      
subloan2 and  7,b7 may pay off the      
subloan 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  #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 #ahja et seq47 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 the ,secretary may      
extend the loan under the terms provided
 in this section4  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 ,an      
individual who holds a subloan under the
 loan authorized by this section-- 7,a7 
shall receive the interest rate         
described in paragraph 7#a7 on the      
subloan2 and  7,b7 may pay off the      
subloan 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  #d4 ,deadline 
for referenda ,not later than #ge days  

after the date of enactment of this     
,act1 the ,national ,oceanic and        
,atmospheric ,administration shall have 
completed the referenda under section   
#fjj4ajaj of title #ej1 ,code of        
,federal ,regulations4  ,september #aj1 
#bjad,reported with an amendment