H.R.2298 - A bill to amend the Fish and Wildlife Act of 1956 to authorize the Secretary of Commerce to make loans to associations of fishing vessel owners and operators organized to provide insurance against the damage or loss of fishing vessels or the injury or death of fishing crews, and for other purposes.93rd Congress (1973-1974)
|Sponsor:||Rep. Downing, Thomas N. [D-VA-1] (Introduced 01/18/1973)|
|Committees:||House - Merchant Marine and Fisheries|
|Latest Action:||House - 01/18/1973 Referred to House Committee on Merchant Marine and Fisheries. (All Actions)|
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Summary: H.R.2298 — 93rd Congress (1973-1974)All Information (Except Text)
Introduced in House (01/18/1973)
Authorizes the Secretary of Commerce, under the Fish and Wildlife Act of 1956, to make loans to associations of fishing vessel owners and operators organized to provide insurance against the damage or loss of fishing vessels or the injury or death of fishing crews.
Sets forth requirements to be met by such associations in order to receive loans under this Act.
Limits the amount of any such loan to 75 percent of an association's capital, surplus and other assets.
Creates a Fishermen's Association Insurance Loan Fund to be used as a revolving fund to make loans under this Act. Authorizes the appropriation of $3,000,000 to the Loan Fund to provide initial capital.
Authorizes the Secretary to establish the Fishing Vessel Reinsurance Fund to provide a reinsurance service for carriers insuring commercial fishing vessels documented under the laws of the United States. Authorizes the appropriation of $2,000,000 to provide initial capital for such Reinsurance Fund.