a plan or amendment submitted by such a 
Council or a secretarial plan or amendment 
under section 304(c) that creates such a 
program, unless the final program has 
been approved, in a referendum in accord-
ance with this subparagraph, by a majority 
of the permit holders eligible to participate 
in the fishery. For multispecies permits in 
the Gulf of Mexico, any permit holder with 
landings from within the sector of the fish-
ery being considered for the catch share 
program within the 5-year period pre-
ceding the date of the referendum and still 
active in fishing in the fishery shall be eli-
gible to participate in such a referendum. 
If a catch share program is not approved 
by the requisite number of permit holders, 
it may be revised and submitted for ap-
proval in a subsequent referendum. 
‘‘(ii) The Secretary may, at the re-
quest of the New England Fishery Man-
agement Council, allow participation in 
such a referendum for a fishery under the 
Council’s authority, by fishing vessel crew-
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members who derive a significant portion 
of their livelihood from such fishing. 
‘‘(iii) The Secretary shall conduct a 
referendum under this subparagraph, in-
cluding notifying all permit holders eligible 
to participate in the referendum and mak-
ing available to them— 
‘‘(I) a copy of the proposed pro-
gram; 
‘‘(II) an estimate of the costs of 
the program, including costs to par-
ticipants; 
‘‘(III) an estimate of the amount 
of fish or percentage of quota each 
permit holder would be allocated; and 
‘‘(IV) information concerning the 
schedule, procedures, and eligibility 
requirements for the referendum proc-
ess. 
‘‘(iv) For the purposes of this sub-
paragraph, the term ‘permit holder eligible 
to participate’ only includes the holder of 
a permit for a fishery under which fishing 
has occurred in 3 of the 5 years preceding 
a referendum for the fishery, unless sick-
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ness, injury, or other unavoidable hardship 
prevented the permit holder from engaging 
in such fishing. 
‘‘(v) The Secretary may not imple-
ment any catch share program for any 
fishery managed exclusively by the Sec-
retary unless first petitioned by a majority 
of those permit holders eligible to partici-
pate in the fishery.’’. 
(2) LIMITATION ON APPLICATION.—The amend-
ment made by paragraph (1) shall not apply to a 
catch share program that is submitted to, or pro-
posed by, the Secretary of Commerce before the date 
of enactment of this Act. 
(3) REGULATIONS.—Before conducting a ref-
erendum under the amendment made by paragraph 
(1), the Secretary of Commerce shall issue regula-
tions implementing such amendment after providing 
an opportunity for submission by the public of com-
ments on the regulations. 
SEC. 108. REPORT ON FEE. 
Section 304(d)(2) (16 U.S.C. 1854(d)(2)) is amended 
by adding at the end the following: 
‘‘(D) The Secretary shall report annually 
on the amount collected under this paragraph 
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from each fishery and detail how the funds were 
spent in the prior year on a fishery-by-fishery 
basis, to— 
‘‘(i) Congress; and 
‘‘(ii) each Council from whose fish-
eries the fee under this paragraph were 
collected.’’. 
SEC. 109. DATA COLLECTION AND DATA CONFIDENTIALITY. 
(a) ELECTRONIC MONITORING.— 
(1) ISSUANCE OF REGULATIONS.— 
(A) REQUIREMENT.—The Secretary shall 
issue regulations governing the use of electronic 
monitoring for the purposes of monitoring fish-
eries that are subject to the Magnuson-Stevens 
Fishery Conservation and Management Act (16 
U.S.C. 1801 et seq.). 
(B) CONTENT.—The regulations shall— 
(i) distinguish between monitoring for 
data collection and research purposes and 
monitoring for compliance and enforcement 
purposes; and 
(ii) include minimum criteria, objec-
tives, or performance standards for elec-
tronic monitoring. 
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(C) PROCESS.—In issuing the regulations 
the Secretary shall— 
(i) consult with the Councils and fish-
ery management commissions; 
(ii) publish the proposed regulations; 
and 
(iii) provide an opportunity for the 
submission by the public of comments on 
the proposed regulations. 
(2) IMPLEMENTATION OF MONITORING.— 
(A) IN
GENERAL.—Subject to subpara-
graph (B), and after the issuance of the final 
regulations, a Council, or the Secretary for fish-
eries referred to in section 302(a)(3) of the 
Magnuson-Stevens Fishery Conservation and 
Management Act (16 U.S.C. 1852(a)(3)), may, 
in accordance with the regulations, on a fishery- 
by-fishery basis and consistent with the existing 
objectives and management goals of a fishery 
management plan and the Act for a fishery 
issued by the Council or the Secretary, respec-
tively, amend such plan— 
(i) to incorporate electronic moni-
toring as an alternative tool for data col-
lection and monitoring purposes or for 
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compliance and enforcement purposes (or 
both); and 
(ii) to allow for the replacement of a 
percentage of on-board observers with elec-
tronic monitoring. 
(B) COMPARABILITY.—Subparagraph (A) 
shall apply to a fishery only if the Council or 
Secretary, respectively, determines that such 
monitoring will yield comparable data collection 
and compliance results. 
(3) PILOT PROJECTS.—Before the issuance of 
final regulations, a Council, or the Secretary for 
fisheries referred to in section 302(a)(3), may, sub-
ject to the requirements of the Magnuson-Stevens 
Fishery Conservation and Management Act, on a 
fishery-by-fishery basis, and consistent with the ex-
isting objectives and management goals of a fishery 
management plan for a fishery issued by the Council 
or the Secretary, respectively, conduct a pilot project 
for the use of electronic monitoring for the fishery. 
(4) DEADLINE.—The Secretary shall issue final 
regulations under this subsection by not later than 
12 months after the date of enactment of this Act. 
(b) 
VIDEO
AND
ACOUSTIC
SURVEY
TECH-
NOLOGIES.—The Secretary shall work with the Regional 
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Fishery Management Councils and nongovernmental enti-
ties to develop and implement the use pursuant to the 
Magnuson-Stevens Fishery Conservation and Manage-
ment Act (16 U.S.C. 1801 et seq.) of video survey tech-
nologies and expanded use of acoustic survey technologies. 
(c) CONFIDENTIALITY OF INFORMATION.— 
(1) IN GENERAL.—Section 402(b) (16 U.S.C. 
1881a(b)) is amended— 
(A) in paragraph (1)— 
(i) by amending subparagraph (B) to 
read as follows: 
‘‘(B) to State or Marine Fisheries Commis-
sion employees as necessary for achievement of 
the purposes of this Act, subject to a confiden-
tiality agreement between the State or Commis-
sion, respectively, and the Secretary that pro-
hibits public disclosure of the identity of any 
person and of confidential information;’’; 
(ii) in subparagraph (E), by striking 
‘‘limited access’’ and inserting ‘‘catch 
share’’; and 
(iii) in subparagraph (G), by striking 
‘‘limited access’’ and inserting ‘‘catch 
share’’; 
(B) in paragraph (2)— 
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(i) in the matter preceding subpara-
graph (A), by inserting ‘‘, and information 
obtained through a vessel monitoring sys-
tem or other technology used onboard a 
fishing vessel for enforcement or data col-
lection purposes,’’ after ‘‘information;’’; 
(ii) by striking ‘‘or’’ after the semi-
colon at the end of subparagraph (B); and 
(iii) by striking subparagraph (C) and 
inserting the following: 
‘‘(C) as authorized by any regulations 
issued under paragraph (6) allowing the collec-
tion of observer information, pursuant to a con-
fidentiality agreement between the observers, 
observer employers, and the Secretary prohib-
iting disclosure of the information by the ob-
servers or observer employers, in order— 
‘‘(i) to allow the sharing of observer 
information among observers and between 
observers and observer employers as nec-
essary to train and prepare observers for 
deployments on specific vessels; or 
‘‘(ii) to validate the accuracy of the 
observer information collected; or 
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‘‘(D) to other persons if the Secretary has 
obtained written authorization from the person 
who submitted such information or from the 
person on whose vessel the information was col-
lected, to release such information for reasons 
not otherwise provided for in this subsection.’’; 
(C) by redesignating and moving para-
graph (3) to be paragraph (6); and 
(D) by striking paragraphs (4) and (5) 
and inserting the following: 
‘‘(3) Any information submitted to the Sec-
retary, a State fisheries management agency, or a 
Marine Fisheries Commission by any person in com-
pliance with the requirements of this Act, including 
confidential information, may only be used for pur-
poses of fisheries management and monitoring and 
enforcement under this Act. 
‘‘(4) The Secretary may enter into a memo-
randum of understanding with the heads of other 
Federal agencies for the sharing of confidential in-
formation to ensure safety of life at sea or for fish-
eries enforcement purposes, including information 
obtained through a vessel monitoring system or 
other electronic enforcement and monitoring sys-
tems, if— 
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‘‘(A) the Secretary determines there is a 
compelling need to do so; and 
‘‘(B) the heads of the other Federal agen-
cies agree— 
‘‘(i) to maintain the confidentiality of 
the information in accordance with the re-
quirements that apply to the Secretary 
under this section; and 
‘‘(ii) to use the information only for 
the purposes for which it was shared with 
the agencies. 
‘‘(5) The Secretary may not provide any vessel- 
specific or aggregate vessel information from a fish-
ery that is collected for monitoring and enforcement 
purposes to any person for the purposes of coastal 
and marine spatial planning under Executive Order 
13547, unless the Secretary has obtained written au-
thorization to release such information from the per-
son on whose vessel the information was collected.’’. 
(2) CONFIDENTIAL INFORMATION DEFINED.— 
Section 3 (16 U.S.C. 1802) is further amended by 
inserting after paragraph (4) the following: 
‘‘(4a) The term ‘confidential information’ 
means— 
‘‘(A) trade secrets; 
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‘‘(B) proprietary information; 
‘‘(C) observer information; and 
‘‘(D) commercial or financial information 
the disclosure of which is likely to result in 
harm to the competitive position of the person 
that submitted the information to the Sec-
retary.’’. 
(d) INCREASED DATA COLLECTION AND ACTIONS TO 
ADDRESS
DATA-POOR
FISHERIES.—Section 404 (16 
U.S.C. 1881c) is amended by adding at the end the fol-
lowing: 
‘‘(e) USE OF THE ASSET FORFEITURE FUND FOR 
FISHERY INDEPENDENT DATA COLLECTION.— 
‘‘(1) IN GENERAL.— 
‘‘(A) The Secretary, subject to appropria-
tions, may obligate for data collection purposes 
in accordance with prioritizations under para-
graph (3) a portion of amounts received by the 
United States as fisheries enforcement pen-
alties. 
‘‘(B) Amounts may be obligated under this 
paragraph only in the fishery management re-
gion with respect to which they are collected. 
‘‘(2) INCLUDED PURPOSES.—The purposes re-
ferred to in paragraph (1) include— 
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‘‘(A) the use of State personnel and re-
sources, including fishery survey vessels owned 
and maintained by States to survey or assess 
data-poor fisheries for which fishery manage-
ment plans are in effect under this Act; and 
‘‘(B) cooperative research activities author-
ized under section 318 to improve or enhance 
the fishery independent data used in fishery 
stock assessments. 
‘‘(3) DATA-POOR FISHERIES PRIORITY LISTS.— 
Each Council shall— 
‘‘(A) identify those fisheries in its region 
considered to be data-poor fisheries; 
‘‘(B) prioritize those fisheries based on the 
need of each fishery for up-to-date information; 
and 
‘‘(C) provide those priorities to the Sec-
retary. 
‘‘(4) DEFINITIONS.—In this subsection: 
‘‘(A) The term ‘data-poor fishery’ means a 
fishery— 
‘‘(i) that has not been surveyed in the 
preceding 5-year period; 
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‘‘(ii) for which a fishery stock assess-
ment has not been performed within the 
preceding 5-year period; or 
‘‘(iii) for which limited information on 
the status of the fishery is available for 
management purposes. 
‘‘(B) The term ‘fisheries enforcement pen-
alties’ means any fine or penalty imposed, or 
proceeds of any property seized, for a violation 
of this Act or of any other marine resource law 
enforced by the Secretary. 
‘‘(5) AUTHORIZATION
OF
APPROPRIATIONS.— 
There is authorized to be appropriated to the Sec-
retary for each fiscal year to carry out this sub-
section up to 80 percent of the fisheries enforcement 
penalties collected during the preceding fiscal year.’’. 
SEC. 110. COOPERATIVE RESEARCH AND MANAGEMENT 
PROGRAM. 
Section 318 (16 U.S.C. 1867) is amended— 
(1) in subsection (a), by inserting ‘‘(1)’’ before 
the first sentence, and by adding at the end the fol-
lowing: 
‘‘(2) Within one year after the date of enactment of 
the Strengthening Fishing Communities and Increasing 
Flexibility in Fisheries Management Act, and after con-
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sultation with the Councils, the Secretary shall publish a 
plan for implementing and conducting the program estab-
lished in paragraph (1). Such plan shall identify and de-
scribe critical regional fishery management and research 
needs, possible projects that may address those needs, and 
estimated costs for such projects. The plan shall be revised 
and updated every 5 years, and updated plans shall in-
clude a brief description of projects that were funded in 
the prior 5-year period and the research and management 
needs that were addressed by those projects.’’; and 
(2) in subsection (c)— 
(A) in the heading, by striking ‘‘FUNDING’’ 
and inserting ‘‘PRIORITIES’’; and 
(B) in paragraph (1), by striking all after 
‘‘including’’ and inserting an em dash, followed 
on the next line by the following: 
‘‘(A) the use of fishing vessels or acoustic 
or other marine technology; 
‘‘(B) expanding the use of electronic catch 
reporting programs and technology; and 
‘‘(C) improving monitoring and observer 
coverage through the expanded use of electronic 
monitoring devices.’’. 
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SEC. 111. COUNCIL JURISDICTION FOR OVERLAPPING 
FISHERIES. 
Section 302(a)(1) (16 U.S.C. 1852(a)) is amended— 
(1) in subparagraph (A), in the second sen-
tence— 
(A) by striking ‘‘18’’ and inserting ‘‘19’’; 
and 
(B) by inserting before the period at the 
end ‘‘and a liaison who is a member of the Mid- 
Atlantic Fishery Management Council to rep-
resent the interests of fisheries under the juris-
diction of such Council’’; and 
(2) in subparagraph (B), in the second sen-
tence— 
(A) by striking ‘‘21’’ and inserting ‘‘22’’; 
and 
(B) by inserting before the period at the 
end ‘‘and a liaison who is a member of the New 
England Fishery Management Council to rep-
resent the interests of fisheries under the juris-
diction of such Council’’. 
SEC. 112. GULF OF MEXICO FISHERIES COOPERATIVE RE-
SEARCH AND RED SNAPPER MANAGEMENT. 
(a) REPEAL.—Section 407 (16 U.S.C. 1883), and the 
item relating to such section in the table of contents in 
the first section, are repealed. 
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(b) REPORTING
AND
DATA
COLLECTION
PRO-
GRAM.—The Secretary of Commerce shall— 
(1) in conjunction with the States, the Gulf of 
Mexico Fishery Management Council, and the rec-
reational fishing sectors, develop and implement a 
real-time reporting and data collection program for 
the Gulf of Mexico red snapper fishery using avail-
able technology; and 
(2) make implementation of this subsection a 
priority for funds received by the Secretary and allo-
cated to this region under section 2 of the Act of 
August 
11, 
1939 
(commonly 
known 
as 
the 
‘‘Saltonstall-Kennedy Act’’) (15 U.S.C. 713c–3). 
(c) FISHERIES
COOPERATIVE
RESEARCH
PRO-
GRAM.—The Secretary of Commerce— 
(1) shall, in conjunction with the States, the 
Gulf States Marine Fisheries Commission and the 
Atlantic States Marine Fisheries Commission, the 
Gulf of Mexico and South Atlantic Fishery Manage-
ment Councils, and the commercial, charter, and 
recreational fishing sectors, develop and implement a 
cooperative research program authorized under sec-
tion 318 for the fisheries of the Gulf of Mexico and 
South Atlantic regions, giving priority to those fish-
eries that are considered data-poor; and 
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(2) may, subject to the availability of appropria-
tions, use funds received by the Secretary under sec-
tion 2 of the Act of August 11, 1939 (commonly 
known as the ‘‘Saltonstall-Kennedy Act’’) (15 U.S.C. 
713c–3) to implement this subsection. 
(d) STOCK SURVEYS AND STOCK ASSESSMENTS.— 
The Secretary of Commerce, acting through the National 
Marine Fisheries Service Regional Administrator of the 
Southeast Regional Office, shall for purposes of the Mag-
nuson-Stevens Fishery Conservation and Management Act 
(16 U.S.C. 1801 et seq.)— 
(1) develop a schedule of stock surveys and 
stock assessments for the Gulf of Mexico Region and 
the South Atlantic Region for the 5-year period be-
ginning on the date of the enactment of this Act and 
for every 5-year period thereafter; 
(2) direct the Southeast Science Center Direc-
tor to implement such schedule; and 
(3) in such development and implementation— 
(A) give priority to those stocks that are 
commercially or recreationally important; and 
(B) ensure that each such important stock 
is surveyed at least every 5 years. 
(e) USE OF FISHERIES INFORMATION IN STOCK AS-
SESSMENTS.—The Southeast Science Center Director 
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shall ensure that fisheries information made available 
through fisheries programs funded under Public Law 
112–141 is incorporated as soon as possible into any fish-
eries stock assessments conducted after the date of the 
enactment of this Act. 
(f) STATE FISHERIES MANAGEMENT IN THE GULF 
OF MEXICO WITH RESPECT TO RED SNAPPER.—Section 
306(b) (16 U.S.C. 1856(b)) is amended by adding at the 
end the following: 
‘‘(3) Notwithstanding section 3(11), for the purposes 
of managing the recreational sector of the Gulf of Mexico 
red snapper fishery, the seaward boundary of a coastal 
State in the Gulf of Mexico is a line 9 miles seaward from 
the baseline from which the territorial sea of the United 
States is measured.’’. 
SEC. 113. NORTH PACIFIC FISHERY MANAGEMENT CLARI-
FICATION. 
Section 306(a)(3)(C) (16 U.S.C. 1856(a)(3)(C)) is 
amended— 
(1) by striking ‘‘was no’’ and inserting ‘‘is no’’; 
and 
(2) by striking ‘‘on August 1, 1996’’. 
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SEC. 114. ENSURING CONSISTENT MANAGEMENT FOR FISH-
ERIES THROUGHOUT THEIR RANGE. 
(a) IN GENERAL.—The Magnuson-Stevens Fishery 
Conservation and Management Act (16 U.S.C. 1801 et 
seq.) is amended by inserting after section 4 the following: 
‘‘SEC. 5. ENSURING CONSISTENT FISHERIES MANAGEMENT 
UNDER CERTAIN OTHER FEDERAL LAWS. 
‘‘(a) NATIONAL MARINE SANCTUARIES ACT AND AN-
TIQUITIES ACT OF 1906.—In any case of a conflict be-
tween this Act and the National Marine Sanctuaries Act 
(16 U.S.C. 1431 et seq.) or the Antiquities Act of 1906 
(16 U.S.C. 431 et seq.), this Act shall control. 
‘‘(b) FISHERIES
RESTRICTIONS
UNDER
ENDAN-
GERED SPECIES ACT OF 1973.—To ensure transparency 
and consistent management of fisheries throughout their 
range, any restriction on the management of fish in the 
exclusive economic zone that is necessary to implement a 
recovery plan under the Endangered Species Act of 1973 
(16 U.S.C. 1531 et seq.) shall be implemented— 
‘‘(1) using authority under this Act; and 
‘‘(2) in accordance with processes and time 
schedules required under this Act.’’. 
(b) CLERICAL AMENDMENT.—The table of contents 
in the first section is amended by inserting after the item 
relating to section 4 the following: 
‘‘Sec. 5. Ensuring consistent fisheries management under other Federal laws.’’. 
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SEC. 115. LIMITATION ON HARVEST IN NORTH PACIFIC DI-
RECTED POLLOCK FISHERY. 
Section 210(e)(1) of the American Fisheries Act (title 
II of division C of Public Law 105–277; 16 U.S.C. 1851 
note) is amended to read as follows: 
‘‘(1) HARVESTING.— 
‘‘(A) LIMITATION.—No particular indi-
vidual, corporation, or other entity may harvest, 
through a fishery cooperative or otherwise, a 
percentage of the pollock available to be har-
vested in the directed pollock fishery that ex-
ceeds the percentage established for purposes of 
this paragraph by the North Pacific Council. 
‘‘(B) MAXIMUM
PERCENTAGE.—The per-
centage established by the North Pacific Coun-
cil shall not exceed 24 percent of the pollock 
available to be harvested in the directed Pollock 
fishery.’’. 
SEC. 116. AUTHORIZATION OF APPROPRIATIONS. 
Section 4 (16 U.S.C. 1803) is amended— 
(1) by striking ‘‘this Act’’ and all that follows 
through ‘‘(7)’’ and inserting ‘‘this Act’’; and 
(2) by striking ‘‘fiscal year 2013’’ and inserting 
‘‘each of fiscal years 2014 through 2018’’. 
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TITLE 
II—REVITALIZING 
THE 
ECONOMY OF FISHERIES IN 
THE PACIFIC 
SEC. 201. SHORT TITLE. 
This title may be cited as the ‘‘Revitalizing the Econ-
omy of Fisheries in the Pacific Act’’ or the ‘‘REFI Pacific 
Act’’. 
SEC. 202. FINDINGS; PURPOSE. 
(a) FINDINGS.—Congress makes the following find-
ings: 
(1) In 2000, the Secretary of Commerce de-
clared the West Coast groundfish fishery a Federal 
fisheries economic disaster due to low stock abun-
dance, an overcapitalized fleet, and historically over-
fished stocks. 
(2) Section 212 of the Department of Com-
merce and Related Agencies Appropriations Act, 
2003 (title II of division B of Public Law 108–7; 
117 Stat. 80) was enacted to establish a Pacific 
Coast groundfish fishing capacity reduction pro-
gram, also known as a buyback program, to remove 
excess fishing capacity. 
(3) 
In 
2003, 
Congress 
authorized 
the 
$35,700,000 buyback loan, creating the Pacific 
Coast groundfish fishing capacity reduction program 
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through the National Marine Fisheries Service fish-
eries 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 not to exceed 5 percent for the loan. 
(4) The groundfish fishing capacity reduction 
program resulted in the removal of limited entry 
trawl Federal fishing permits from the fishery, rep-
resenting approximately 46 percent of total landings 
at the time. 
(5) Because of an absence of a repayment 
mechanism, $4,243,730 in interest accrued before 
fee collection procedures were established in 2005, 
over 18 months after the groundfish fishing capacity 
reduction program was initiated. 
(6) In 2011, the West Coast groundfish fishery 
transitioned to an individual fishing quota fishery, 
which is a type of catch share program. 
(7) By 2015, West Coast groundfish fisher-
men’s expenses are expected to include fees of ap-
proximately $450 per day for observers, a 3-percent 
cost recovery fee as authorized by the Magnuson- 
Stevens Fishery Conservation and Management Act 
(16 U.S.C. 1801) for catch share programs, and a 
5-percent ex-vessel landings rate for the loan repay-
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ment, which could reach 18 percent of their total 
gross revenue. 
(8) In 2012, the West Coast groundfish limited 
entry trawl fishery generated $63,000,000, an in-
crease from an average of $45,000,000 during the 
years 2006 to 2011. This revenue is expected to con-
tinue to increase post-rationalization. 
(b) PURPOSE.—The purpose of this title is to refi-
nance the Pacific Coast groundfish fishery fishing capacity 
reduction program to protect and conserve the West Coast 
groundfish fishery and the coastal economies in California, 
Oregon, and Washington that rely on it. 
SEC. 203. REFINANCING OF PACIFIC COAST GROUNDFISH 
FISHING CAPACITY REDUCTION LOAN. 
(a) IN GENERAL.—The Secretary of Commerce, upon 
receipt of such assurances as the Secretary considers ap-
propriate to protect the interests of the United States, 
shall issue a loan to refinance the existing debt obligation 
funding the fishing capacity reduction program for the 
West Coast groundfish fishery implemented under section 
212 of the Department of Commerce and Related Agen-
cies 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 the loan under 
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this section in accordance with subsections (b) through (e) 
of section 312 of the Magnuson-Stevens Fishery Conserva-
tion and Management Act (16 U.S.C. 1861a) and sections 
53702 and 53735 of title 46, United States Code. 
(c) LOAN TERM.— 
(1) IN
GENERAL.—Notwithstanding section 
53735(c)(4) of title 46, United States Code, a loan 
under this section shall have a maturity that expires 
at the end of the 45-year period beginning on the 
date of issuance of the loan. 
(2) EXTENSION.—Notwithstanding paragraph 
(1) and if there is an outstanding balance on the 
loan after the period described in paragraph (1), a 
loan under this section shall have a maturity of 45 
years or until the loan is repaid in full. 
(d) LIMITATION ON FEE AMOUNT.—Notwithstanding 
section 312(d)(2)(B) of the Magnuson-Stevens Fishery 
Conservation 
and 
Management 
Act 
(16 
U.S.C. 
1861a(d)(2)(B)), the fee established by the Secretary with 
respect to a loan under this section shall not exceed 3 per-
cent of the ex-vessel value of the harvest from each fishery 
for where the loan is issued. 
(e) INTEREST RATE.— 
(1) IN
GENERAL.—Notwithstanding section 
53702(b)(2) of title 46, United States Code, the an-
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nual rate of interest an obligor shall pay on a direct 
loan obligation under this section is the percent the 
Secretary must pay as interest to borrow from the 
Treasury the funds to make the loan. 
(2) SUBLOANS.—Each subloan under the loan 
authorized by this section— 
(A) shall receive the interest rate described 
in paragraph (1); and 
(B) may be paid off at any time notwith-
standing subsection (c)(1). 
(f) EX-VESSEL LANDING FEE.— 
(1) CALCULATIONS AND ACCURACY.—The Sec-
retary shall set the ex-vessel landing fee to be col-
lected for payment of the loan under this section— 
(A) as low as possible, based on recent 
landings value in the fishery, to meet the re-
quirements of loan repayment; 
(B) upon issuance of the loan in accord-
ance with paragraph (2); and 
(C) on a regular interval not to exceed 
every 5 years beginning on the date of issuance 
of the loan. 
(2) DEADLINE FOR INITIAL EX-VESSEL LAND-
INGS FEE CALCULATION.—Not later than 60 days 
after the date of issuance of the loan under this sec-
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tion, the Secretary shall recalculate the ex-vessel 
landing fee based on the most recent value of the 
fishery. 
(g) AUTHORIZATION.—There is authorized to be ap-
propriated to the Secretary of Commerce to carry out this 
section an amount equal to 1 percent of the amount of 
the loan authorized under this section for purposes of the 
Federal Credit Reform Act of 1990 (2 U.S.C. 661 et seq.). 
Æ 
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