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REFI Pacific Act

3/14/2024, 12:48 PM

Congressional Summary of S 1275

Revitalizing the Economy of Fisheries in the Pacific Act or the REFI Pacific Act - (Sec. 3) Directs the Secretary of Commerce (upon receipt of such assurances as the Secretary considers appropriate to protect the interests of the United States) to issue a loan to refinance the existing debt obligation funding the fishing capacity reduction program for the West Coast groundfish fishery implemented under the Department of Commerce and Related Agencies Appropriations Act, 2003.

Requires such loan to have a maturity that expires 45 years after the date of issuance. Permits the Secretary to extend the loan under specified conditions if there is an outstanding balance after such period.

Prohibits the fee with respect to such loan from exceeding 3% of the ex-vessel value of the harvest from each fishery for which the loan is issued.

Sets forth requirements for direct loan interest rates, subloans, and the calculation of the ex-vessel landing fee to be collected for payment of such loan.

(Sec. 4) Requires the National Oceanic and Atmospheric Administration (NOAA), within 75 days after enactment of this Act, to complete the referenda of fishery participants with respect to the terms for the refinanced loan.

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Current Status of Bill S 1275

Bill S 1275 is currently in the status of Bill Introduced since July 10, 2013. Bill S 1275 was introduced during Congress 113 and was introduced to the Senate on July 10, 2013.  Bill S 1275's most recent activity was Placed on Senate Legislative Calendar under General Orders. Calendar No. 556. as of September 10, 2014

Bipartisan Support of Bill S 1275

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
6
Democrat Cosponsors
6
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 1275

Primary Policy Focus

Public Lands and Natural Resources

Potential Impact Areas

- Government lending and loan guarantees
- Marine and coastal resources, fisheries
- Pacific Ocean
- User charges and fees

Alternate Title(s) of Bill S 1275

REFI Pacific Act
A bill to direct the Secretary of Commerce to issue a fishing capacity reduction loan to refinance the existing loan funding the Pacific Coast groundfish fishing capacity reduction program.
REFI Pacific Act
REFI Pacific Act
Revitalizing the Economy of Fisheries in the Pacific Act
Revitalizing the Economy of Fisheries in the Pacific Act

Comments

Sponsors and Cosponsors of S 1275

Maria Cantwell
Maria Cantwell
WashingtonDemocrat
Ron Wyden
Ron Wyden
OregonDemocrat
Jeff Merkley
Jeff Merkley
OregonDemocrat
Patty Murray
Patty Murray
WashingtonDemocrat
Dianne Feinstein
Dianne Feinstein
CaliforniaDemocrat
Mark Begich
Mark Begich
AlaskaDemocrat

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