Bill Details
S.1217 - 119th Congress
Status
Latest action
2025-03-31 - Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
Introduced Date
2025-03-31
Policy Area
Public Lands and Natural Resources
Committees
View committees (1)
Sponsors
Cosponsors
View cosponsors (8)
6
0
0
AI Summary This summary was generated by AI from the bill text. AI can get information wrong.
This bill would expand access to Farm Credit financing for parts of the commercial fishing industry. Right now, Farm Credit support is mainly aimed at farm-related businesses. This bill would make it easier for businesses that provide direct services to people who produce or harvest fish and other aquatic products to qualify for credit and financial services. In simple terms, it would help fishing-related service businesses get the financing they need to keep operating and supporting commercial fishing operations.
- It adds businesses that provide services directly tied to the operating needs of aquatic პროდუქducers or harvesters as eligible customers for Farm Credit Banks.
- It also updates the rules so Farm Credit Banks can lend to and serve these service providers for the same general reasons they already support other agricultural businesses.
- The bill makes a matching change for Production Credit Associations, expanding their eligibility rules in the same way.
- Overall, the goal is to give more financial support to the network of businesses that help commercial fishing operations run day to day.
Official Summaries
No summaries available
Current Full Text
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 1217 Introduced in Senate (IS)]
<DOC>
119th CONGRESS
1st Session
S. 1217
To amend the Farm Credit Act of 1971 to support the commercial fishing
industry.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
March 31, 2025
Mr. King (for himself, Ms. Murkowski, Mr. Murphy, Mr. Coons, Ms. Blunt
Rochester, and Mr. Sullivan) introduced the following bill; which was
read twice and referred to the Committee on Agriculture, Nutrition, and
Forestry
_______________________________________________________________________
A BILL
To amend the Farm Credit Act of 1971 to support the commercial fishing
industry.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Fishing Industry Credit Enhancement
Act of 2025''.
SEC. 2. EXTENSION OF CREDIT TO BUSINESSES PROVIDING SERVICES TO
PRODUCERS OR HARVESTERS OF AQUATIC PRODUCTS.
(a) Farm Credit Banks.--
(1) Eligibility for credit and financial services.--Section
1.9 of the Farm Credit Act of 1971 (12 U.S.C. 2017) is
amended--
(A) in paragraph (2), by striking ``or'' at the
end;
(B) by redesignating paragraph (3) as paragraph
(4); and
(C) by inserting after paragraph (2) the following:
``(3) persons furnishing to producers or harvesters of
aquatic products services directly related to their operating
needs; or''.
(2) Purposes for extensions of credit.--Section 1.11(c)(1)
of the Farm Credit Act of 1971 (12 U.S.C. 2019(c)(1)) is
amended by inserting ``and to persons furnishing services
directly related to the operating needs of producers or
harvesters of aquatic products'' after ``needs''.
(b) Production Credit Associations.--Section 2.4(a) of the Farm
Credit Act of 1971 (12 U.S.C. 2075(a)) is amended--
(1) in paragraph (2), by striking ``and'' at the end;
(2) in paragraph (3), by striking the period at the end and
inserting ``; and''; and
(3) by adding at the end the following:
``(4) persons furnishing to producers or harvesters of
aquatic products services directly related to their operating
needs.''.
<all>