S.1217 - Fishing Industry Credit Enhancement Act of 2025 (119th Congress)
Summary
The Fishing Industry Credit Enhancement Act of 2025 (S.1217) aims to amend the Farm Credit Act of 1971 to provide additional financial support to the commercial fishing industry. Specifically, it broadens the eligibility for credit and financial services from Farm Credit Banks and Production Credit Associations to include those who provide services directly related to the operating needs of producers or harvesters of aquatic products. This expansion seeks to bolster the fishing industry by making credit more accessible to businesses that support it.
Expected Effects
The Act is likely to increase the availability of credit to businesses that support the fishing industry, potentially leading to increased investment and operational improvements. This could result in a more robust and sustainable fishing sector. The Act may also stimulate economic activity in coastal communities and related industries.
Potential Benefits
- Increased access to credit for businesses supporting the fishing industry.
- Potential for modernization and improved efficiency in fishing operations.
- Support for economic growth in coastal communities.
- Enhanced sustainability of the fishing industry through better resource management.
- Job creation in the fishing and related service sectors.
Potential Disadvantages
- Potential for increased risk to Farm Credit Banks and Production Credit Associations if loans are not repaid.
- Possible over-expansion of the fishing industry, leading to resource depletion if not managed carefully.
- May create an uneven playing field if some businesses benefit more than others from the credit enhancements.
- Could lead to increased debt burden for businesses if they over-leverage.
- Potential for unintended environmental consequences if increased activity is not managed sustainably.
Constitutional Alignment
The bill appears to align with the Constitution, particularly the General Welfare Clause (Preamble), as it aims to support an industry vital to certain regions and the nation's food supply. Congress has the power to regulate commerce (Article I, Section 8), which includes the fishing industry. The act does not appear to infringe on any specific constitutional rights or limitations.
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).