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
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.
Section 1. Short title
This Act may be cited as the Fishing Vessel Financing Improvement Act of 2026
.
Sec. 2. Financing of fishing vessels
(a) Definitions
Section 53701 of title 46, United States Code, is amended—
(1)
by redesignating paragraphs (5) through (15) as paragraphs (6) through (16), respectively;
(2)
by inserting after paragraph (4) the following:
(5) Fishing
The term
fishinghas the meaning given such term in section 3 of the Magnuson-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 Direct loans for fisheries
and inserting Direct 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 purchase
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 inserting obligations by the Secretary related to fishing facilities, and used fishing vessels
.
(d) Eligible purposes of obligations
Section 53706(a)(1)(A) of title 46, United States Code, is amended—
(1)
in clause (iv) by striking the second or
;
(2)
in clause (v) by striking the period and inserting ; or
; and
(3)
by adding at the end the following:
(vi)
in the fishing industry or seafood related trade.
(e) Findings related to obligors and operators
Section 53707(c) of title 46, United States Code, is amended by inserting or Administrator
after Secretary
.
(f) Findings related to economic soundness
Section 53708 of title 46, United States Code, is amended by adding at the end the following:
(f) Limitation
The Administrator may not guarantee or make a commitment to guarantee an obligation under this chapter if the Secretary determines such guarantee 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 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 fishing vessel for which the Administrator guarantees 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 Administrator
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, intercoastal, or foreign trade
;
(2)
in subsection (b)(2) by striking construction or reconstruction of the vessel
and inserting construction or refinancing and reconstruction of the vessel
; and
(3)
by adding at the end the following:
(f) Applicability
Guarantees made under subsection (a) for the construction or refinancing and reconstruction 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, appropriated 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 repaired 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 obligations authorized by section 211(e) of the American Fisheries Act (Public Law 105–277).