Federal Ship Financing Improvement Act

Bill: 118-hr-874
Sponsor: full_name: Rep. Garamendi, John [D-CA-8]
Introduced: 2023-02-08
Policy area: Transportation and Public Works
Subjects: Buy American requirements

Government lending and loan guarantees

Marine and inland water transportation

Navigation, waterways, harbors
Latest action: action_date: 2023-02-08
text: Referred to the House Committee on Armed Services.

Summaries:
action_date: 2023-02-08
action_desc: Introduced in House
text: <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>

tv_txt: I 118th CONGRESS 1st Session H. R. 874 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.

1. Short title This Act may be cited as the Federal Ship Financing Improvement Act . 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. . 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. . 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. .