View Rule

This action would amend Fishing Vessel Capital Construction Fund (CCF) Program regulations to simplify and clarify them and to ease restrictions on vessel reconstruction to promote fleet safety, reliability and efficiency. Specifically, this action eliminates the minimum cost and maximum allowable completion time for reconstruction projects, the requirement for a minimum annual deposit and the reconstruction requirement attached to used vessel acquisition. It also prohibits any CCF project from increasing fisheries harvesting capacity. Current regulations require an annual deposit of 2 percent of the anticipated cost of the CCF objective, that a used vessel acquired with CCF funds be reconstructed within 7 years of the acquisition date, that reconstruction projects cost a minimum of either $100,000 or 20 percent of acquisition cost, and that reconstruction projects be completed within 18 months of their commencement.