Fishing Vessel Financing Improvement Act of 2026
Sponsored By: Representative Begich, Nicholas J. [R-AK-At Large]
Introduced
Summary
Expands financing for fishing vessels and seafood-related trade. This bill would rename and reshape the federal direct loan and guarantee program to cover used vessels, seafood-industry purposes, and refinancing while adding loan limits and conservation guardrails.
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- Fishing vessel owners and seafood businesses would be able to use the program for used vessels and for activities "in the fishing industry or seafood related trade." It creates a 2-year window for eligibility for vessels over 79 feet built and documented after January 1, 2021.
- The Maritime Administration Administrator is added as a possible obligor and the program title is changed to emphasize direct loans and guarantees for fisheries and related facilities. It also clarifies financing terms to reference purchase or depreciated cost.
- New limits tie guarantees to sustainable fisheries rules under the Magnuson-Stevens Act and bar guarantees the Secretary deems inconsistent with wise use and sustainable management. For Administrator-backed guarantees the principal cap may be up to 87.5 percent of actual or depreciated cost.
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
Loans for used fishing vessels
If enacted, the Direct Loans program would be renamed "Direct Loans" and would explicitly allow loans for used fishing vessels. If enacted, eligible purposes would expand to cover activity in the fishing industry and seafood-related trade. If enacted, these changes would take effect upon enactment and let more fishing businesses seek direct loan help to buy vessels or support seafood trade activity.
New guarantees and limits for fishing loans
If enacted, the Administrator would be named as an obligor and could guarantee loans for fishing vessels, including construction, reconstruction, and refinancing. If enacted, guarantees for a vessel would be limited so principal may not exceed 87.5 percent of the actual cost or depreciated cost. If enacted, the Secretary could block guarantees that conflict with the Magnuson-Stevens Act, and guarantees for construction, refinancing, or reconstruction must use funds appropriated on or after the date of enactment of the National Defense Authorization Act for Fiscal Year 2026. If enacted, there would be a 2-year window where vessels over 79 feet built and documented after January 1, 2021 could be eligible for Administrator guarantees.
Sponsors & CoSponsors
Sponsor
Begich, Nicholas J. [R-AK-At Large]
AK • R
Cosponsors
Rep. Larsen, Rick [D-WA-2]
WA • D
Sponsored 2/4/2026
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov