,,ii ,cal5d> ,no4 #eef #aac? ,,congress 
#b;d ,session  ,s4 #abge ,report ,no4   
#aac-bea ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$
 ,,/ates  ,july #aj1 #bjac,ms4 ,cantwell
 7= h]self1 ,mrs4 ,box]1 ,mrs4 ,murray1 
,mr4 ,m]kley1 ,mrs4 ,fe9/e91 ,mr4 ,wyd51
 & ,mr4 ,begi*7 introduc$ ! foll[+ bill2
 :i* 0 read twice & ref]r$ to !         
,committee on ,comm]ce1 ,sci5ce1 &      
,transportation  ,septemb] #aj1         
#bjad,report$ by ,mr4 ,rockefell]1 ) an 
amendment,strike out all aft] ! enact+  
clause & ins]t ! "p pr9t$ 9 italic  ,a  
,,bill  ,to direct ! ,secret>y (        
,comm]ce to issue a fi%+ capacity       
r$uction loan to ref9ance ! exi/+ loan  
fund+ ! ,pacific ,coa/ gr\ndfi% fi%+    
capacity r$uction program4  #a4 ,%ort   
title ,?is ,act may be cit$ z !         
,revitaliz+ ! ,economy ( ,fi%]ies 9 !   
,pacific ,act or ! ,,refi ,pacific ,act4
  #b4 ,f9d+s2 purpose  7a7 ,f9d+s       
,congress makes ! foll[+ f9d+s3 7#a7 ,9 
#bjjj1 ! ,secret>y ( ,comm]ce decl>$ !  
,we/ ,coa/ gr\ndfi% fi%]y a ,f$]al      

fi%]ies economic disa/] due to l[ /ock  
abundance1 an ov]capitaliz$ fleet1 &    
hi/orically ov]fi%$ /ocks4  7#b7        
,section #bab ( ! ,dep>tm5t ( ,comm]ce &
 ,relat$ ,ag5cies ,appropriations ,act1 
#bjjc 7title ,,ii ( division ,b (       
,public ,law #ajh-g2 #aag ,/at4 #hj7 0  
enact$ to e/abli% a ,pacific ,coa/      
gr\ndfi% fi%+ capacity r$uction program1
 also kn[n z a buyback program1 to      
remove excess fi%+ capacity4  7#c7 ,9   
#bjjc1 ,congress au?oriz$ ! #ce1gjj1jjj 
buyback loan1 creat+ ! ,pacific ,coa/   
gr\ndfi% fi%+ capacity r$uction program 
?r\gh ! ,national ,m>9e ,fi%]ies ,s]vice
 fi%]ies f9ance program ) a t]m ( #cj   
ye>s4 ,! int]e/ rate ( ! buyback loan 0 
fix$ at #f4ig p]c5t & is paid back bas$ 
on an ex-vessel fee l&+ rate n to exce$ 
#e p]c5t = ! loan4  7#d7 ,! gr\ndfi%    
fi%+ capacity r$uction program result$ 9
 ! removal ( limit$ entry trawl ,f$]al  
fi%+ p]mits f ! fi%]y1 repres5t+        
approximately #df p]c5t ( total l&+s at 
! "t4  7#e7 ,because ( an abs5ce ( a    

repaym5t me*anism1 #d1bdc1gcj 9 int]e/  
accru$ be=e fee collection proc$ures 7  
e/abli%$ 9 #bjje1 ov] #ah mon?s aft] !  
gr\ndfi% fi%+ capacity r$uction program 
0 initiat$4  7#f7 ,9 #bjaa1 ! ,we/ ,coa/
 gr\ndfi% fi%]y transition$ to an       
individual fi%+ quota fi%]y1 :i* is a   
type ( cat* %>e program4  7#g7 ,by      
#bjae1 ,we/ ,coa/ gr\ndfi% fi%]m5's     
exp5ses are expect$ to include fees (   
approximately #dej p] day = obs]v]s1 a  
#c-p]c5t co/ recov]y fee z au?oriz$ by !
 ,magnuson-,/ev5s ,fi%]y ,cons]vation & 
,managem5t ,act 7#af ,u4,s4,c4 #ahja7 = 
cat* %>e programs1 & a #e-p]c5t         
ex-vessel l&+s rate = ! loan repaym5t1  
:i* c\ld rea* #ah p]c5t ( _! total gross
 rev5ue4  7#h7 ,9 #bjab1 ! ,we/ ,coa/   
gr\ndfi% limit$ entry trawl fi%]y g5]at$
 #fc1jjj1jjj1 an increase f an av]age ( 
#de1jjj1jjj dur+ ! ye>s #bjjf to #bjaa4 
,?is rev5ue is expect$ to cont9ue to    
increase po/-rationalization4  7b7      
,purpose ,! purpose ( ?is ,act is to    
ref9ance ! ,pacific ,coa/ gr\ndfi% fi%]y

 fi%+ capacity r$uction program to      
protect & cons]ve ! ,we/ ,coa/ gr\ndfi% 
fi%]y & ! coa/al economies 9 ,cali=nia1 
,oregon1 & ,wa%+ton t rely on x4  #c4   
,ref9anc+ ( ,pacific ,coa/ gr\ndfi% fi%+
 capacity r$uction loan  7a7 ,9 g5]al ,!
 ,secret>y ( ,comm]ce1 ^u receipt ( su* 
assurances z ! ,secret>y consid]s       
appropriate to protect ! int]e/s ( !    
,unit$ ,/ates1 %all issue a loan to     
ref9ance ! exi/+ debt obligation fund+ !
 fi%+ capacity r$uction program = ! ,we/
 ,coa/ gr\ndfi% fi%]y implem5t$ "u      
section #bab ( ! ,dep>tm5t ( ,comm]ce & 
,relat$ ,ag5cies ,appropriations ,act1  
#bjjc 7title ,,ii ( division ,b (       
,public ,law #ajh-g2 #aag ,/at4 #hj74   
7b7 ,applicable law ,except z o!rwise   
provid$ 9 ?is section1 ! ,secret>y %all 
issue ! loan "u ?is section 9 accordance
 ) subsections 7b7 ?r\gh 7e7 ( section  
#cab ( ! ,magnuson-,/ev5s ,fi%]y        
,cons]vation & ,managem5t ,act 7#af     
,u4,s4,c4 #ahfa;a7 & sections #ecgjb &  
#ecgce ( title #df1 ,unit$ ,/ates ,code4

  7c7 ,loan t]m  7#a7 ,9 g5]al ,not)/&+ 
section #ecgce7;c77#d7 ( title #df1     
,unit$ ,/ates ,code1 a loan "u ?is      
section %all h a maturity t expires at !
 end ( ! #de-ye> p]iod beg9n+ on ! date 
( issuance ( ! loan4  7#b7 ,ext5sion    
,not)/&+ p>agraph 7#a7 & if !re is an   
out/&+ balance on ! loan aft] ! p]iod   
describ$ 9 p>agraph 7#a71 ! ,secret>y   
may ext5d ! loan "u ! t]ms provid$ 9 ?is
 section4  7d7 ,limitation on fee am\nt 
,not)/&+ section #cab7;d77#b77;,b7 ( !  
,magnuson-,/ev5s ,fi%]y ,cons]vation &  
,managem5t ,act 7#af ,u4,s4,c4          
#ahfa;a7d77#b77;,b771 ! fee e/abli%$ by 
! ,secret>y ) respect to a loan "u ?is  
section %all n exce$ #c p]c5t ( !       
ex-vessel value ( ! h>ve/ f ea* fi%]y = 
:]e ! loan is issu$4  7e7 ,int]e/ rate  
7#a7 ,9 g5]al ,not)/&+ section          
#ecgjb7;b77#b7 ( title #df1 ,unit$      
,/ates ,code1 ! annual rate ( int]e/ an 
obligor %all pay on a direct loan       
obligation "u ?is section is ! p]c5t !  
,secret>y mu/ pay z int]e/ to borr[ f ! 

,treasury ! funds to make ! loan4  7#b7 
,subloans ,an individual :o holds a     
subloan "u ! loan au?oriz$ by ?is       
section-- 7,a7 %all receive ! int]e/    
rate describ$ 9 p>agraph 7#a7 on !      
subloan2 &  7,b7 may pay (f ! subloan at
 any "t not)/&+ subsection 7c77#a74  7f7
 ,ex-,vessel l&+ fee  7#a7 ,calculations
 & accuracy ,! ,secret>y %all set !     
ex-vessel l&+ fee to be collect$ =      
paym5t ( ! loan "u ?is section-- 7,a7 z 
l[ z possible1 bas$ on rec5t l&+s value 
9 ! fi%]y1 to meet ! requirem5ts ( loan 
repaym5t2  7,b7 ^u issuance ( ! loan 9  
accordance ) p>agraph 7#b72 &  7,c7 on a
 regul> int]val n to exce$ e #e ye>s    
beg9n+ on ! date ( issuance ( ! loan4   
7#b7 ,deadl9e = initial ex-vessel l&+s  
fee calculation ,n lat] ?an #fj days    
aft] ! date ( issuance ( ! loan "u ?is  
section1 ! ,secret>y %all recalculate ! 
ex-vessel l&+ fee bas$ on ! mo/ rec5t   
value ( ! fi%]y4  7g7 ,au?orization ,!re
 is au?oriz$ to be appropriat$ to !     
,secret>y ( ,comm]ce to c>ry out ?is    

section an am\nt equal to #a p]c5t ( !  
am\nt ( ! loan au?oriz$ "u ?is section =
 purposes ( ! ,f$]al ,cr$it ,re=m ,act (
 #aiij 7#b ,u4,s4,c4 #ffa et seq474  #a4
 ,%ort title ,?is ,act may be cit$ z !  
,revitaliz+ ! ,economy ( ,fi%]ies 9 !   
,pacific ,act or ! ,,refi ,pacific ,act4
  #b4 ,f9d+s2 purpose  7a7 ,f9d+s       
,congress makes ! foll[+ f9d+s3 7#a7 ,9 
#bjjj1 ! ,secret>y ( ,comm]ce decl>$ !  
,we/ ,coa/ gr\ndfi% fi%]y a ,f$]al      
fi%]ies economic disa/] due to l[ /ock  
abundance1 an ov]capitaliz$ fleet1 &    
hi/orically ov]fi%$ /ocks4  7#b7        
,section #bab ( ! ,dep>tm5t ( ,comm]ce &
 ,relat$ ,ag5cies ,appropriations ,act1 
#bjjc 7title ,,ii ( division ,b (       
,public ,law #ajh-g2 #aag ,/at4 #hj7 0  
enact$ to e/abli% a ,pacific ,coa/      
gr\ndfi% fi%+ capacity r$uction program1
 also kn[n z a buyback program1 to      
remove excess fi%+ capacity4  7#c7 ,9   
#bjjc1 ,congress au?oriz$ ! #ce1gjj1jjj 
buyback loan1 creat+ ! ,pacific ,coa/   
gr\ndfi% fi%+ capacity r$uction program 

?r\gh ! ,national ,m>9e ,fi%]ies ,s]vice
 fi%]ies f9ance program ) a t]m ( #cj   
ye>s4 ,! int]e/ rate ( ! buyback loan 0 
fix$ at #f4ig p]c5t & is paid back bas$ 
on an ex-vessel fee l&+ rate n to exce$ 
#e p]c5t = ! loan4  7#d7 ,! gr\ndfi%    
fi%+ capacity r$uction program result$ 9
 ! removal ( limit$ entry trawl ,f$]al  
fi%+ p]mits f ! fi%]y1 repres5t+        
approximately #df p]c5t ( total l&+s at 
! "t4  7#e7 ,because ( an abs5ce ( a    
repaym5t me*anism1 #d1bdc1gcj 9 int]e/  
accru$ be=e fee collection proc$ures 7  
e/abli%$ 9 #bjje1 ov] #ah mon?s aft] !  
gr\ndfi% fi%+ capacity r$uction program 
0 initiat$4  7#f7 ,9 #bjaa1 ! ,we/ ,coa/
 gr\ndfi% fi%]y transition$ to an       
individual fi%+ quota fi%]y1 :i* is a   
type ( cat* %>e program4  7#g7 ,by      
#bjae1 ,we/ ,coa/ gr\ndfi% fi%]m5's     
exp5ses are expect$ to include fees (   
approximately #dej p] day = obs]v]s1 a  
#c-p]c5t co/ recov]y fee z au?oriz$ by !
 ,magnuson-,/ev5s ,fi%]y ,cons]vation & 
,managem5t ,act 7#af ,u4,s4,c4 #ahja et 

seq47 = cat* %>e programs1 & a #e-p]c5t 
ex-vessel l&+s rate = ! loan repaym5t1  
:i* c\ld rea* #ah p]c5t ( _! total gross
 rev5ue4  7#h7 ,9 #bjab1 ! ,we/ ,coa/   
gr\ndfi% limit$ entry trawl fi%]y g5]at$
 #fc1jjj1jjj1 an increase f an av]age ( 
#de1jjj1jjj dur+ ! ye>s #bjjf to #bjaa4 
,?is rev5ue is expect$ to cont9ue to    
increase po/-rationalization4  7b7      
,purpose ,! purpose ( ?is ,act is to    
ref9ance ! ,pacific ,coa/ gr\ndfi% fi%]y
 fi%+ capacity r$uction program to      
protect & cons]ve ! ,we/ ,coa/ gr\ndfi% 
fi%]y & ! coa/al economies 9 ,cali=nia1 
,oregon1 & ,wa%+ton t rely on x4  #c4   
,ref9anc+ ( ,pacific ,coa/ gr\ndfi% fi%+
 capacity r$uction loan  7a7 ,9 g5]al ,!
 ,secret>y ( ,comm]ce1 ^u receipt ( su* 
assurances z ! ,secret>y consid]s       
appropriate to protect ! int]e/s ( !    
,unit$ ,/ates1 %all issue a loan to     
ref9ance ! exi/+ debt obligation fund+ !
 fi%+ capacity r$uction program = ! ,we/
 ,coa/ gr\ndfi% fi%]y implem5t$ "u      
section #bab ( ! ,dep>tm5t ( ,comm]ce & 

,relat$ ,ag5cies ,appropriations ,act1  
#bjjc 7title ,,ii ( division ,b (       
,public ,law #ajh-g2 #aag ,/at4 #hj74   
7b7 ,applicable law ,except z o!rwise   
provid$ 9 ?is section1 ! ,secret>y %all 
issue ! loan "u ?is section 9 accordance
 ) subsections 7b7 ?r\gh 7e7 ( section  
#cab ( ! ,magnuson-,/ev5s ,fi%]y        
,cons]vation & ,managem5t ,act 7#af     
,u4,s4,c4 #ahfa;a7 & sections #ecgjb &  
#ecgce ( title #df1 ,unit$ ,/ates ,code4
  7c7 ,loan t]m  7#a7 ,9 g5]al ,not)/&+ 
section #ecgce7;c77#d7 ( title #df1     
,unit$ ,/ates ,code1 a loan "u ?is      
section %all h a maturity t expires at !
 end ( ! #de-ye> p]iod beg9n+ on ! date 
( issuance ( ! loan4  7#b7 ,ext5sion    
,not)/&+ p>agraph 7#a7 & if !re is an   
out/&+ balance on ! loan aft] ! p]iod   
describ$ 9 p>agraph 7#a71 ! ,secret>y   
may ext5d ! loan "u ! t]ms provid$ 9 ?is
 section4  7d7 ,limitation on fee am\nt 
,not)/&+ section #cab7;d77#b77;,b7 ( !  
,magnuson-,/ev5s ,fi%]y ,cons]vation &  
,managem5t ,act 7#af ,u4,s4,c4          

#ahfa;a7d77#b77;,b771 ! fee e/abli%$ by 
! ,secret>y ) respect to a loan "u ?is  
section %all n exce$ #c p]c5t ( !       
ex-vessel value ( ! h>ve/ f ea* fi%]y = 
:]e ! loan is issu$4  7e7 ,int]e/ rate  
7#a7 ,9 g5]al ,not)/&+ section          
#ecgjb7;b77#b7 ( title #df1 ,unit$      
,/ates ,code1 ! annual rate ( int]e/ an 
obligor %all pay on a direct loan       
obligation "u ?is section is ! p]c5t !  
,secret>y mu/ pay z int]e/ to borr[ f ! 
,treasury ! funds to make ! loan4  7#b7 
,subloans ,an individual :o holds a     
subloan "u ! loan au?oriz$ by ?is       
section-- 7,a7 %all receive ! int]e/    
rate describ$ 9 p>agraph 7#a7 on !      
subloan2 &  7,b7 may pay (f ! subloan at
 any "t not)/&+ subsection 7c77#a74  7f7
 ,ex-,vessel l&+ fee  7#a7 ,calculations
 & accuracy ,! ,secret>y %all set !     
ex-vessel l&+ fee to be collect$ =      
paym5t ( ! loan "u ?is section-- 7,a7 z 
l[ z possible1 bas$ on rec5t l&+s value 
9 ! fi%]y1 to meet ! requirem5ts ( loan 
repaym5t2  7,b7 ^u issuance ( ! loan 9  

accordance ) p>agraph 7#b72 &  7,c7 on a
 regul> int]val n to exce$ e #e ye>s    
beg9n+ on ! date ( issuance ( ! loan4   
7#b7 ,deadl9e = initial ex-vessel l&+s  
fee calculation ,n lat] ?an #fj days    
aft] ! date ( issuance ( ! loan "u ?is  
section1 ! ,secret>y %all recalculate ! 
ex-vessel l&+ fee bas$ on ! mo/ rec5t   
value ( ! fi%]y4  7g7 ,au?orization ,!re
 is au?oriz$ to be appropriat$ to !     
,secret>y ( ,comm]ce to c>ry out ?is    
section an am\nt equal to #a p]c5t ( !  
am\nt ( ! loan au?oriz$ "u ?is section =
 purposes ( ! ,f$]al ,cr$it ,re=m ,act (
 #aiij 7#b ,u4,s4,c4 #ffa et seq474  #d4
 ,deadl9e = ref]5da ,n lat] ?an #ge days
 aft] ! date ( enactm5t ( ?is ,act1 !   
,national ,oceanic & ,atmosph]ic        
,adm9i/ration %all h complet$ ! ref]5da 
"u section #fjj4ajaj ( title #ej1 ,code 
( ,f$]al ,regulations4  ,septemb] #aj1  
#bjad,report$ ) an am5dm5t