Federal Ship Financing Improvement Act

Subjects: Transportation and Public Works, Buy American requirements, Government lending and loan guarantees, Marine and inland water transportation, Navigation, waterways, harbors

Summary:  <p><strong>Federal Ship Financing Improvement Act</strong></p> <p>This bill allows the Maritime Administration to guarantee financing (including reimbursement for expenditures previously made) for reconstruction, repair, or similar work in a shipyard located in the United States for, among other things, to change an existing vessel to a vessel of the United States.</p> <p>The bill also requires that certain shipyard modernization and improvement projects financed by the Maritime Administration use American products and materials (i.e., goods mined, produced, or manufactured in the United States).</p> 

<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 874 Introduced in House (IH)]

&lt;DOC&gt;






118th CONGRESS
  1st Session
                                H. R. 874

 To amend title 46, United States Code, to allow the Administrator of 
  the Maritime Administration to finance vessel retrofit, repair, or 
   similar work required for the vessel to be a vessel of the United 
                    States, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 8, 2023

Mr. Garamendi introduced the following bill; which was referred to the 
                      Committee on Armed Services

_______________________________________________________________________

                                 A BILL


 
 To amend title 46, United States Code, to allow the Administrator of 
  the Maritime Administration to finance vessel retrofit, repair, or 
   similar work required for the vessel to be a vessel of the United 
                    States, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Federal Ship Financing Improvement 
Act''.

SEC. 2. LOANS FOR RETROFITTING TO QUALIFY AS A VESSEL OF THE UNITED 
              STATES.

    Section 53706(a) of title 46, United States Code, is amended by 
adding at the end the following:
            ``(8) Financing (including reimbursement of an obligor for 
        expenditures previously made for) the reconstruction, 
        reconditioning, retrofitting, repair, or similar work in a 
        shipyard located in the United States--
                    ``(A) required for the vessel to be a vessel of the 
                United States;
                    ``(B) required for the vessel to be issued a 
                coastwise endorsement under chapter 121;
                    ``(C) to convert a civilian vessel of the United 
                States to a more useful military configuration;
                    ``(D) for any vessel under contract to the Federal 
                Government; or
                    ``(E) for any vessel participating in--
                            ``(i) the Maritime Security Program or the 
                        Emergency Preparedness Program under chapter 
                        531;
                            ``(ii) the Cable Security Fleet under 
                        chapter 532;
                            ``(iii) the Tanker Security Fleet under 
                        chapter 534; or
                            ``(iv) the National Defense Reserve Fleet 
                        under section 57100.''.

SEC. 3. BUY AMERICA REQUIREMENTS FOR SHIPYARD MODERNIZATION AND 
              IMPROVEMENT PROGRAM.

    Section 53733 of title 46, United States Code, is amended by adding 
at the end the following:
    ``(f) Buy America.--Section 54101(d)(2) shall apply to any funds 
obligated by the Administrator under this section.''.

SEC. 4. TECHNICAL CORRECTIONS.

    (a) Chapter 537.--The analysis for chapter 537 of title 46, United 
States Code, is amended by striking the item relating to section 53703 
and inserting the following:

``53703. Application and administration.''.
    (b) Chapter 541.--The analysis for chapter 541 of title 46, United 
States Code, is amended to read as follows:

                      ``Chapter 541--Miscellaneous

``Sec.
``54101. Assistance for small shipyards.''.
                                 &lt;all&gt;
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