Bill · H.R. 7350· House(119-HR-7350)
Fishing Vessel Financing Improvement Act of 2026
- Introduced
- 2/4/2026
- Last activity
- 2/4/2026 — Referred to the House Committee on Armed Services.
- Sponsored by
- Nicholas Begich
- Cosponsors
- - 0 - 1
- Introduced
- In Committee
What this bill would do
The Fishing Vessel Financing Improvement Act of 2026 proposes amendments to title 46 of the United States Code regarding direct loans from the Department of Transportation and the Maritime Administration. It updates definitions for "fishing" and adjusts how loans are applied to fishing vessels and facilities. The bill modifies funding limits and eligible purposes for obligations to include the seafood related trade. It also adds specific limitations for the Administrator regarding the wise use of fisheries resources. Finally, it addresses the replacement of vessels and provides specific eligibility criteria for certain fishing vessels for a two-year period.
Yes· 3 of 5
Does this make it easier to run a small business?+4
The bill provides increased financial flexibility through refinancing options and specific eligibility for newer fishing vessels.
Would business owners be better off under this?+4
Fishing vessel owners benefit from expanded loan purposes and new eligibility pathways for modern vessels.
Is this likely to create jobs?+3
The expansion of eligible loan purposes to the broader seafood related trade may support industry-wide employment.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
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Expanded Loan Purposes: The bill expands the eligible purposes of obligations to include those in the "fishing industry or seafood related trade" (Section 2(d)). This could benefit people working within the broader seafood industry.
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Support for Vessel Refinancing: The bill updates provisions to allow for the "refinancing and reconstruction of the vessel" (Section 2(h)). This may provide more financial flexibility for those looking to update their existing vessels.
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Increased Eligibility for Modern Vessels: For a period of 2 years after enactment, a fishing vessel greater than 79 feet in length built and documented after January 1, 2021, will be eligible for a guarantee of an obligation (Section 2(i)). This provides a specific pathway for certain newer vessels to receive financial guarantees.
Potential Negative Impacts for People
-
New Constraints on Financial Guarantees: The Administrator is prohibited from guaranteeing or committing to guarantee an obligation if the Secretary determines it is "inconsistent with the wise use of the fisheries resources" (Section 2(f)). This introduces a condition that could limit access to financing based on resource management determinations.
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Adjusted Funding Limits: The bill implements a specific principal amount limitation for fishing vessels, stating the amount "may not exceed 87.5 percent of the actual cost or depreciated cost" (Section 2(g)). This could limit the total amount of financing available to certain vessel owners.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Economy And Finance
- Improves Small Business Support+4Increases Job Creation+3
- Demographic And Interest Groups
- Good For Business Owners+4Good For Rural Residents+2
- Environment Energy And Infrastructure
- Improves Environmental Protections+2
- 2/4/2026
- Referred to the House Committee on Armed Services.
- 1 Cosponsor added.
- Introduced in House
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Rick LarsenDemocrat · Washington