Let's take a look at some of the options for both the commercial and recreational sectors. The suggestions have ranged from commercial vessel buy-backs to restricting the number of licenses available to recreational anglers. Rebuilding plans for fisheries managed under the Magnuson Act could result in the need for reduction of capital investment and harvesting capacity in some commercial fisheries. Issues of capacity and capitalization in commercial fisheries have already received extensive attention within the fisheries community. Attention to excessive harvesting capacity and overcapitalization in a fishery stems from concern about the profitability and long-term survival of the commercial fishing industry, under harvest limitations necessary to sustain fisheries populations.
Market forces determine which vessels remain in the fishery and which exit.
However, the Magnuson Act currently contains a moratorium on any new individual fishing quota programs. Another approach to reducing harvesting capacity and overcapitalization in the commercial sector is a limited entry system, in which the number of vessels allowed to harvest a specific fishery is limited. Commercial operators received cash for scrapping, sinking or changing the purpose of their vessel to research, education, harbor patrol or hu-manitarian pursuits. They also received cash for selling their federal fishing permits back to the government. Vessels opting to remain in the fishery collectively compensate other vessel owners to leave the fishery.