In accordance with the Act, Fisheries paid $15 million from the American Fisheries Act appropriations and the remaining $75 million from the proceeds of a fishing capacity reduction loan under sections 1111 and 1112 of Title XI of the Merchant Marine Act, 1936.
The American Fisheries Act requires the loan to be repaid by fees under section 312(d)(2)(C) of the Magnuson-Stevens Fishery Conservation and Management Act. Pursuant to the American Fisheries Act and Section 312, all vessel owners harvesting the inshore component of the Bering Sea and Aleutian Islands (“fish sellers”) are required to pay the fee and all parties making the first ex-vessel purchase of the inshore component Bering Sea and Aleutian Islands (“fish buyers”) are required to collect the fee, account for and forward the fee revenue for the purpose of repaying the loan. The fee is six-tenths of one cent for each pound, round-weight, of all inshore component of the Bering Sea and Aleutian Islands that fish sellers land. Fee collection to repay the 30-year loan began on February 10, 2000. The interest rate is fixed at 7.09 percent.
Please see the links below for more information and visit Pay.gov to submit fee collection payments.
Click here for a summary of loan balances.
- American Fisheries Act Pollock Revised Fee Collection Report - Expires 2021
- Pollock Buyback 2018 Annual Report
Regulations & Notices
Christopher P. McEntee
Financial Services Division (F/MB5)
Office of Management and Budget
1315 East West Highway
Silver Spring, MD 20910