Fishing Vessel Financing Improvement Act of 2026

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:

The term fishing has the meaning given such term in section 3 of the Magnuson-Stevens Fishery Conservation and Management Act (16 U.S.C. 1802).

(2) ; and

(3) in paragraph (14), as so redesignated, by inserting used before fishing vessels.

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.

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.

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.

Section 53707(c) of title 46, United States Code, is amended by inserting or Administrator after Secretary.

Section 53708 of title 46, United States Code, is amended by adding at the end the following:

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.).

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:

For a used fishing vessel or fishery facility

(A) ; and

(B) by adding at the end the following:

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.

(B) ; and

(2) in subsection (e) by inserting or Administrator after Secretary.

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:

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.

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.

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).