DEFAZIO PUSHING FOR REFORMS HE SAYS WILL HELP FISHERMAN

News Radio 1240 KQEN
By Kyle Bailey
April 4, 2014 5:30 a.m.
 
Congressman Peter DeFazio is pushing for legislation that he says would help west coast fisherman. On Thursday the Congressman voiced support for the REFI Pacific Act, which he says would save fisherman millions of dollars by refinancing “unfair expensive federal loans”. The legislation is sponsored by Representatives Jaime Herrera Beutler and Jared Huffman. DeFazio is an original co-sponsor of the legislation and helped to draft the bipartisan bill.
 
DeFazio says the West Coast buyback loan has been “an albatross around fishermen’s necks. DeFazio says the federal government has basically acted as a payday lender, charging high interest rates and then delaying a repayment plan “to run up the tab”. DeFazio believes the  REFI Act would save money for fisherman while still being fair to tax payers.
 
In 2000, the West Coast Groundfish Fishery was declared a federal fishery disaster due to low stock abundance. overfishing, and an overcapitalized fleet. In 2003 Congress authorized a $36 million loan to finance buying out 91 vessels and 239 fishing permits. The program was called a key to making the fishery sustainable. Those fishermen who remained in the fishery are tasked with repaying the debt from the program.
 
DeFazio says under the current terms the federal government stands to eventually collect $93 million on a $36 million dollar loan. The REFI act would require the National Marine Fisheries Service to refinance the buyback loan at today’s lower interest rates. The legislation was considered in front of the House Natural Resources Subcommittee on Fisheries on Thursday.                 
 

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