Seven Northeast U.S. senators including John Kerry are asking President Obama for a $150 million financial rescue package for the region's fishermen, $100 million of which would pay for a buyout plan to reduce the size and capacity of the fishing fleet.
Under the proposal, the government would use the money to buy Northeast groundfish permits from fishermen without enough equity or a large enough share of the catch under the new sector management system to stay solvent.
In exchange, anyone selling to the plan would have their boat destroyed and surrender all permits connected to it so they cannot return or start fishing for other species.
Read the complete story from The Gloucester Daily Times.