Praise for Reduction in Pacific Coast Groundfish Fishing Capacity Reduction Buyback Loan
Politicians are praising the recent news that NOAA Fisheries has reduced the outstanding principal balance on the Pacific Coast Groundfish Fishing Capacity Reduction Buyback Loan. The loan has been reduced by nearly $6 million.
In 2000 the West Coast groundfish fishery was declared an economic disaster. In response, Congress authorized a $46 million buyout to reduce overcapacity. $36 million in funds was provided in the form of a loan that the remaining fishing vessels agreed to repay based on a 3.5%-5% fee on...
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