,i  #aaith ,,congress  #b;d ,session    
,h4 ,r4 #gcej  ,,in ,,the ,,house ,,of  
,,representatives  ,february #d1        
#bjbf,mr4 ,begich 7for himself and ,mr4 
,larsen of ,washington7 introduced the  
following bill2 which was referred to   
the ,committee on ,armed ,services  ,a  
,,bill  ,to amend title #df1 ,united    
,states ,code1 to make changes with     
respect to direct loans by the          
,department of ,transportation and the  
,maritime ,administration for financing 
of fishing vessels1 and for other       
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,fishing ,vessel    
,financing ,improvement ,act of #bjbf4  
#b4 ,financing of fishing vessels  7a7  
,definitions ,section #ecgja of title   
#df1 ,united ,states ,code1 is amended--
 7#a7 by redesignating paragraphs 7#e7  
through 7#ae7 as paragraphs 7#f7 through
 7#af71 respectively2  7#b7 by inserting
 after paragraph 7#d7 the following3    
7#e7 ,fishing ,the term fishing has the 
meaning given such term in section #c of

 the ,magnuson-,stevens ,fishery        
,conservation and ,management ,act 7#af 
,u4,s4,c4 #ahjb74  2 and  7#c7 in       
paragraph 7#ad71 as so redesignated1 by 
inserting used before fishing vessels4  
7b7 ,direct loans ,section #ecgjb7;b7 of
 title #df1 ,united ,states ,code1 is   
amended-- 7#a7 in the subsection heading
 by striking ,direct loans for fisheries
 and inserting ,direct loans2  7#b7 in  
paragraph 7#a7 by inserting used before 
fishing vessel2 and  7#c7 in paragraph  
7#d7 by striking the purpose of and all 
that follows through financing the      
purchase and inserting the purpose of   
financing the purchase4  7c7 ,funding   
limits ,section #ecgjd7;a7 of title #df1
 ,united ,states ,code1 is amended by   
striking obligations related to fishing 
vessels and fishery facilities and      
inserting obligations by the ,secretary 
related to fishing facilities1 and used 
fishing vessels4  7d7 ,eligible purposes
 of obligations ,section                
#ecgjf7;a77#a77;,a7 of title #df1       

,united ,states ,code1 is amended-- 7#a7
 in clause 7iv7 by striking the second  
or2  7#b7 in clause 7v7 by striking the 
period and inserting 2 or2 and  7#c7 by 
adding at the end the following3  7vi7  
in the fishing industry or seafood      
related trade4  4  7e7 ,findings related
 to obligors and operators ,section     
#ecgjg7;c7 of title #df1 ,united ,states
 ,code1 is amended by inserting or      
,administrator after ,secretary4  7f7   
,findings related to economic soundness 
,section #ecgjh of title #df1 ,united   
,states ,code1 is amended by adding at  
the end the following3  7f7 ,limitation 
,the ,administrator may not guarantee or
 make a commitment to guarantee an      
obligation under this chapter if the    
,secretary determines such guarantee or 
commitment is inconsistent with the wise
 use of the fisheries resources and the 
development1 advancement1 management1   
conservation1 and protection of the     
fisheries resources consistent with the 
,magnuson ,stevens ,fishery             

,conservation and ,management ,act 7#af 
,u4,s4,c4 #ahja et seq474  4  7g7       
,amount of obligations ,section #ecgji  
of title #df1 ,united ,states ,code1 is 
amended-- 7#a7 in subsection 7b77#c7--  
7,a7 by striking ,for a fishing vessel  
or fishery facility and inserting the   
following3  7,a7 ,in general ,for a used
 fishing vessel or fishery facility  2  
and  7,b7 by adding at the end the      
following3  7,b7 ,increased limitation  
,for a fishing vessel for which the     
,administrator guarantees an obligation1
 the principal amount may not exceed    
#hg4e percent of the actual cost or     
depreciated cost4  2 and  7#b7 in       
subsection 7e7 by inserting or          
,administrator after ,secretary4  7h7   
,replacement of vessels because of      
changes in operating standards ,section 
#ecgcd of title #df1 ,united ,states    
,code1 is amended-- 7#a7 in subsection  
7a77#a7 by inserting fishing1 or other  
seafood related1 before coastwise1      
intercoastal1 or foreign trade2  7#b7 in

 subsection 7b77#b7 by striking         
construction or reconstruction of the   
vessel and inserting construction or    
refinancing and reconstruction of the   
vessel2 and  7#c7 by adding at the end  
the following3  7f7 ,applicability      
,guarantees made under subsection 7a7   
for the construction or refinancing and 
reconstruction of a vessel designed and 
to be used in fishing or seafood related
 trade shall be made only with funds1   
including funds for the cost of         
guaranteed loans1 appropriated on or    
after the date of enactment of the      
,national ,defense ,authorization ,act  
for ,fiscal ,year #bjbf4  4  7i7        
,eligibility ,notwithstanding any       
requirements that such vessel be        
reconstructed1 reconditioned1 or        
repaired to qualify for a guarantee of  
an obligation1 for a period of #b years 
after the date of enactment of this     
,act1 a fishing vessel greater than #gi 
feet overall in length built and        
documented after ,january #a1 #bjba1    

shall be eligible for a guarantee of an 
obligation from the ,administrator under
 chapter #ecg of title #df1 ,united     
,states ,code4  7j7 ,savings clause     
,nothing in this section1 or the        
amendments made by this section1 shall  
limit the authority of the ,secretary of
 ,commerce to provide direct loan       
obligations authorized by section       
#baa7;e7 of the ,american ,fisheries    
,act 7,public ,law #aje-bgg74