I 
119TH CONGRESS 
2D SESSION 
H. R. 7350 
To amend title 46, United States Code, to make changes with respect to 
direct loans by the Department of Transportation and the Maritime 
Administration for financing of fishing vessels, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
FEBRUARY 4, 2026 
Mr. BEGICH (for himself and Mr. LARSEN of Washington) introduced the 
following bill; which was referred to the Committee on Armed Services 
A BILL 
To amend title 46, United States Code, to make changes 
with respect to direct loans by the Department of Trans-
portation and the Maritime Administration for financing 
of fishing vessels, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Fishing Vessel Financ-
ing Improvement Act of 2026’’. 
SEC. 2. FINANCING OF FISHING VESSELS. 
(a) DEFINITIONS.—Section 53701 of title 46, United 
States Code, is amended— 
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(1) by redesignating paragraphs (5) through 
(15) as paragraphs (6) through (16), respectively; 
(2) by inserting after paragraph (4) the fol-
lowing: 
‘‘(5) FISHING.—The term ‘fishing’ has the 
meaning given such term in section 3 of the Magnu-
son-Stevens Fishery Conservation and Management 
Act (16 U.S.C. 1802).’’; and 
(3) in paragraph (14), as so redesignated, by 
inserting ‘‘used’’ before ‘‘fishing vessels’’. 
(b) DIRECT LOANS.—Section 53702(b) of title 46, 
United States Code, is amended— 
(1) in the subsection heading by striking ‘‘DI-
RECT LOANS FOR FISHERIES’’ and inserting ‘‘DI-
RECT LOANS’’; 
(2) in paragraph (1) by inserting ‘‘used’’ before 
‘‘fishing vessel’’; and 
(3) in paragraph (4) by striking ‘‘the purpose 
of’’ and all that follows through ‘‘financing the pur-
chase’’ and inserting ‘‘the purpose of financing the 
purchase’’. 
(c) FUNDING LIMITS.—Section 53704(a) of title 46, 
United States Code, is amended by striking ‘‘obligations 
related to fishing vessels and fishery facilities’’ and insert-
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ing ‘‘obligations by the Secretary related to fishing facili-
ties, and used fishing vessels’’. 
(d) ELIGIBLE PURPOSES OF OBLIGATIONS.—Section 
53706(a)(1)(A) of title 46, United States Code, is amend-
ed— 
(1) in clause (iv) by striking the second ‘‘or’’; 
(2) in clause (v) by striking the period and in-
serting ‘‘; or’’; and 
(3) by adding at the end the following: 
‘‘(vi) in the fishing industry or sea-
food related trade.’’. 
(e) FINDINGS RELATED TO OBLIGORS AND OPERA-
TORS.—Section 53707(c) of title 46, United States Code, 
is amended by inserting ‘‘or Administrator’’ after ‘‘Sec-
retary’’. 
(f) FINDINGS
RELATED
TO
ECONOMIC
SOUND-
NESS.—Section 53708 of title 46, United States Code, is 
amended by adding at the end the following: 
‘‘(f) LIMITATION.—The Administrator may not guar-
antee or make a commitment to guarantee an obligation 
under this chapter if the Secretary determines such guar-
antee or commitment is inconsistent with the wise use of 
the fisheries resources and the development, advancement, 
management, conservation, and protection of the fisheries 
resources consistent with the Magnuson Stevens Fishery 
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Conservation and Management Act (16 U.S.C. 1801 et 
seq.).’’. 
(g) AMOUNT OF OBLIGATIONS.—Section 53709 of 
title 46, United States Code, is amended— 
(1) in subsection (b)(3)— 
(A) by striking ‘‘For a fishing vessel or 
fishery facility’’ and inserting the following: 
‘‘(A) IN
GENERAL.—For a used fishing 
vessel or fishery facility’’; and 
(B) by adding at the end the following: 
‘‘(B) INCREASED LIMITATION.—For a fish-
ing vessel for which the Administrator guaran-
tees an obligation, the principal amount may 
not exceed 87.5 percent of the actual cost or 
depreciated cost.’’; and 
(2) in subsection (e) by inserting ‘‘or Adminis-
trator’’ after ‘‘Secretary’’. 
(h) REPLACEMENT
OF
VESSELS
BECAUSE
OF 
CHANGES IN OPERATING STANDARDS.—Section 53734 of 
title 46, United States Code, is amended— 
(1) in subsection (a)(1) by inserting ‘‘fishing, or 
other seafood related,’’ before ‘‘coastwise, inter-
coastal, or foreign trade’’; 
(2) in subsection (b)(2) by striking ‘‘construc-
tion or reconstruction of the vessel’’ and inserting 
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‘‘construction or refinancing and reconstruction of 
the vessel’’; and 
(3) by adding at the end the following: 
‘‘(f) APPLICABILITY.—Guarantees made under sub-
section (a) for the construction or refinancing and recon-
struction of a vessel designed and to be used in fishing 
or seafood related trade shall be made only with funds, 
including funds for the cost of guaranteed loans, appro-
priated on or after the date of enactment of the National 
Defense Authorization Act for Fiscal Year 2026.’’. 
(i) ELIGIBILITY.—Notwithstanding any requirements 
that such vessel be reconstructed, reconditioned, or re-
paired to qualify for a guarantee of an obligation, for a 
period of 2 years after the date of enactment of this Act, 
a fishing vessel greater than 79 feet overall in length built 
and documented after January 1, 2021, shall be eligible 
for a guarantee of an obligation from the Administrator 
under chapter 537 of title 46, United States Code. 
(j) SAVINGS CLAUSE.—Nothing in this section, or the 
amendments made by this section, shall limit the authority 
of the Secretary of Commerce to provide direct loan obli-
gations authorized by section 211(e) of the American 
Fisheries Act (Public Law 105–277). 
Æ 
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