U.S. Senator Angus King (I-ME) and Senator Lisa Murkowski (R-AK), along with Congresswoman Chellie Pingree (D-ME) and Congressman Clay Higgins (R-LA), introduced The Fishing Industry Credit Enhancement Act, S. 1217 and H.R. 2818. This bipartisan, bicameral legislation would provide access to loans from the Farm Credit System for businesses that supply qualifying goods and services to fishing fleets.
“Maine’s fishing industry is more than just the hardworking folks who catch and harvest our delicious seafood, it is also hundreds of small family businesses that make gear, build and maintain fish freezers, and distribute the state’s iconic produce,” said Senator King. “The Fishing Industry Credit Enhancement Act would allow fishing-support businesses to access the loans of the Farm Credit System like similar small businesses working with livestock and crop farmers. These reliable loans unlock rural economies, and help businesses invest in new expansions. Opening this program to the men and women who put fish on grocery shelves and kitchen plates is a smart way to help them hire more workers, and modernize operations to meet the demands of the 21st century economy.”
“Our fishermen share the same mission as the American agriculture industry: to strengthen national food security with locally sourced, high-quality foods while building our economies,” said Senator Murkowski. “Whether it’s the Fishing Industry Credit Enhancement Act or amending the Farm Bill, I am actively working to ensure that Alaska’s fishermen and the businesses they rely on can access the same resources available to American farmers and ranchers.”
The Farm Credit System is part of the Farm Credit Administration, an independent agency, created in 1933, to regulate the Farm Credit System. The FCS comprises lenders who provide reliable credit to commodity producers like farmers, ranchers, loggers and fishermen. It does not receive federal appropriations. In the 1970s, businesses that supported commodity producers were allowed access to the FCS. Unfortunately, fishing-related businesses were not included. This legislation would fix that.
“Fisheries are not only the backbone of Maine’s coastal communities and economy, they are a living, breathing ecosystem of interconnected businesses and generational knowledge—one that too often falls through the cracks of traditional credit systems,” said Congresswoman Pingree, a member of the House Agriculture Committee. “Our coastal communities need strategic, pragmatic policy solutions that acknowledge their economic realities. This bill does precisely that: creating a fair lending environment that mirrors the support we’ve long provided to agricultural sectors. It’s about economic resilience and honoring the profound maritime heritage that defines regions like coastal Maine.”
“Louisiana is home to a strong generational seafood industry, and our fishermen deserve a level playing field,” said Congressman Higgins. “Our legislation provides greater parity for America’s seafood producers and the supporting industries. We are working to provide the same financial opportunities and loan access that other agricultural commodities are entitled to.”
Creating parity for fishermen with other producers makes sense. If we are to encourage domestic consumption of seafood, we must remove barriers to domestic fishing operators, so they can focus on fishing and bringing wild-caught seafood to consumers. This legislation, if not passed by itself, would make a common-sense addition to the Farm Bill.
Take action: Now would be a good time to contact your representatives and senators to ask them to cosponsor the bipartisan Fishing Industry Credit Enhancement Act.
