To direct the Secretary of Commerce to issue a fishing capacity reduction loan to refinance the existing loan funding the Pacific Coast Groundfish Fishery Fishing Capacity Reduction Program.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Revitalizing the Economy of 
Fisheries in the Pacific Act of 2012'' or the ``REFI Pacific Act of 
2012''.

SEC. 2. FINDINGS; PURPOSE.

    (a) Findings.--Congress finds as follows:
            (1) In 2000, the Secretary of Commerce declared the Pacific 
        Coast Groundfish Fishery a Federal fisheries disaster due to 
        low stock abundance of groundfish and an overcapitalized fleet.
            (2) In 2003, section 212 of the Department of Commerce and 
        Related Agencies Appropriations Act, 2003 (title II of division 
        B of Public Law 108-7; 117 Stat. 80) was enacted to require 
        establishment of a Pacific Coast groundfish fishery buyback 
        program to remove excess fishing capacity from the groundfish, 
        crab, and shrimp fisheries.
            (3) In 2003, a $35,700,000 buyback loan was authorized by 
        Congress, creating the Pacific Coast Groundfish Fishing 
        capacity reduction program through the National Marine 
        Fisheries Service Fisheries Finance Program with a term of 30 
        years. The interest rate of the buyback loan was fixed at 6.97 
        percent and is paid back based on an ex-vessel fee landing rate 
        of 5 percent for the loan.
            (4) The buyback program resulted in the removal of limited 
        entry trawl Federal fishing permits from the fishery, 
        representing approximately 46 percent of total landings at the 
        time.
            (5) Because of an absence of a repayment mechanism, 
        $4,243,730 in interest was accrued before fee collection 
        procedures were established in 2005, over 18 months after the 
        fishing capacity reduction program was initiated.
            (6) In 2011, the Pacific Coast groundfish fishery 
        transitioned to a catch share program.
            (7) By 2015, Pacific Coast groundfish fishermen's expenses 
        are expected to include fees of approximately $450 per day for 
        observers, a 3-percent cost recovery fee as authorized by the 
        Magnuson-Stevens Fishery Conservation and Management Act for 
        catch share programs, and a 5-percent ex-vessel landings rate 
        for the loan repayment, which could reach 18 percent of their 
        total gross revenue.
            (8) In the period covering 2006 through 2011, the annual 
        average Pacific Coast Groundfish Fishery ex-vessel revenue was 
        $85,945,847, which included revenue of at-sea catcher 
        processors, at-sea mothership catcher vessels, trawls, open 
        access, and tribal fishing and all other groundfish revenue. Of 
        that revenue, an average of $45,000,000 was generated by the 
        limited entry trawl fishery.
            (9) Currently, National Oceanic and Atmospheric 
        Administration Fisheries administers industry-funded capacity 
        reduction programs in the Bering Sea-Aleutian Islands crab, 
        Bering Sea-Aleutian Islands non-pollock groundfish, and 
        American Fisheries Act pollock fisheries, along with the 
        Pacific Coast groundfish fishery. Each program has a 30-year, 
        long-term loan repayment period based on fees for future 
        landings in the fisheries.
            (10) A fifth reduction buyback program was implemented in 
        2012 for the Alaska Purse Seine Salmon Fishery, which has a 40-
        year, long-term repayment period based on fees for future 
        landings in the fishery with an ex-vessel landing rate of 3 
        percent.
            (11) In the past when fishery disasters have been declared, 
        some fisheries have been issued Federal disaster assistance 
        grants to provide short-term economic assistance to fishermen 
        leaving the industry, increased profitability for remaining 
        fishermen, and conservation of fish stocks.
            (12) In 1996 and 1997, a $23,000,000 Federal disaster 
        assistance grant was issued for the New England Groundfish 
        Fishery, which was used to remove 68 multi-species permits and 
        scrap 58 vessels associated with those permits. No loan 
        repayments were required for this grant.
    (b) Purpose.--The purpose of the Act is to refinance the Pacific 
Coast Groundfish Fishery Fishing Capacity Reduction Program to protect 
and conserve the Pacific Coast groundfish fishery, fishermen's economic 
livelihood, and jobs of associated industries.

SEC. 3. REFINANCING OF WEST COAST GROUNDFISH FISHERY FISHING CAPACITY 
              REDUCTION LOAN.

    (a) In General.--The Secretary of Commerce shall, upon receipt of 
such assurances as the Secretary considers appropriate to protect the 
interests of the United States, issue a loan to refinance the existing 
debt obligation funding the fishing capacity reduction program for the 
Pacific Coast Groundfish Fishery implemented under section 212 of the 
Department of Commerce and Related Agencies Appropriations Act, 2003 
(title II of division B of Public Law 108-7; 117 Stat. 80).
    (b) Applicable Law.--Except as otherwise provided in this section, 
the Secretary shall issue such loan in accordance with subsections (b) 
through (e) of section 312 of the Magnuson-Stevens Fishery Conservation 
and Management Act (16 U.S.C. 1861a) and sections 53702 and 53735 of 
title 46, United States Code.
    (c) Loan Term.--Notwithstanding section 53735(c)(4) of title 46, 
United States Code, a loan under this section must have a maturity that 
expires at the end of the 45-year period beginning on the date of 
issuance of such loan.
    (d) Limitation on Fee Amount.--Notwithstanding section 312(d)(2)(B) 
of the Magnuson-Stevens Fishery Conservation and Management Act (16 
U.S.C. 1861(d)(2)(B)), the fee established by the Secretary with 
respect to a loan under this section shall not exceed 3 percent of the 
ex-vessel value of all fish harvested from each fishery for which the 
loan is issued.
    (e) Funding.--To implement this section there is authorized to be 
appropriated to the Secretary an amount equal to 1 percent of the 
amount of the loan authorized under this section.

Summary: Revitalizing the Economy of Fisheries in the Pacific Act of 2012 or REFI Pacific Act of 2012 - Directs the Secretary of Commerce to issue a loan to refinance the existing debt obligation funding the fishing capacity reduction program for the Pacific Coast Groundfish Fishery implemented under the Department of Commerce and Related Agencies Appropriations Act, 2003. Requires such loan to have a maturity that expires 45 years after the date of issuance. Prohibits the fee with respect to such loan from exceeding 3 of the ex-vessel value of all fish harvested from each fishery for which the loan is issued.