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The National Marine Fisheries Service (NMFS) is considering establishing a small business size standard in the for-hire fishing industry for Regulatory Flexibility Act (RFA) compliance purposes only. NMFS uses the Small Business Administration’s (SBA’s) size standard for the North American Industry Classification System (NAICS) 487210, Scenic and Sightseeing Transportation, Water, to determine the number of for-hire fishing businesses under the size standard threshold (i.e., small entities) directly impacted by a regulatory action in the required analyses under the RFA. On July 18, 2019, SBA issued a final interim rule (84 FR 34261), effective August 19, 2019, that adjusted the monetary-based industry size standards (i.e., receipts- and assets-based) for inflation for many industries, including NAICS 487210, which increased the standard from $7.5 million to $8 million. On October 1, 2020, SBA published a proposed rule (85 FR 62372) in which SBA proposed to increase that size standard to $12.5 million. Under SBA’s existing and proposed increase, all for-hire fishing businesses that are regulated by NMFS would likely be determined small” under the size standard. Therefore, NMFS would not be able to discern, consider, or address any disproportionate economic effects that various regulatory alternatives might have on small businesses, using this size standard in their RFA analyses. Establishing a size standard in the for-hire fishing industry would better meet the RFA’s intent by more accurately representing expected disproportionate effects of NMFS’ rules between small and large businesses, creating a standard that more accurately reflects the size distribution of all businesses in the for-hire fishing industry, and allowing NMFS to determine when changes to the standard are necessary and appropriate based on changes to that distribution. Consistent with the requirements in 13 CFR 121.903(c), NMFS will formally consult SBA's Office of Advocacy to ensure their concurrence with this proposed action.