H.R.2518 - Fishing Industry Credit Enhancement Act of 2025 (119th Congress)
Summary
H.R.2518, the Fishing Industry Credit Enhancement Act of 2025, aims to amend the Farm Credit Act of 1971 to support the commercial fishing industry. The bill expands eligibility for credit and financial services from Farm Credit Banks and Production Credit Associations. This expansion includes persons furnishing services directly related to the operating needs of producers or harvesters of aquatic products.
Expected Effects
The likely effect of this bill is to increase access to credit for businesses that support the fishing industry. This could lead to increased investment and growth in the sector. It may also improve the financial stability of businesses that provide essential services to fishermen.
Potential Benefits
- Increased access to credit for fishing-related businesses.
- Potential for job creation in the fishing industry and related sectors.
- Improved financial stability for businesses serving the fishing industry.
- Support for local economies dependent on fishing.
- Modernization of the Farm Credit Act to reflect the needs of the fishing industry.
Potential Disadvantages
- Potential for increased risk to Farm Credit Banks and Production Credit Associations.
- Possible unintended consequences of expanding credit eligibility.
- May require additional oversight to prevent misuse of funds.
- Could create an uneven playing field if some businesses benefit more than others.
- The Act may not be sufficient to address all the challenges facing the fishing industry.
Constitutional Alignment
The bill appears to align with the Constitution, particularly the General Welfare Clause (Preamble). Congress has the power to regulate commerce and provide for the general welfare of the United States. This bill supports a specific sector of the economy, which falls under this power. There are no apparent infringements on individual liberties or rights.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).