“Whether your crops have seeds or scales, America’s food producers are essential to our economy and food supply, so we should seek economic parity for the men and women who work in the seafood industry,” said Senator King. “The American Seafood Competitiveness Act would help level the playing field and ensure our lobstermen and shellfish growers have access to the resources they need to grow and compete. That way, we can ensure the ‘Way Life Should Be’ for generations to come.”

“In Alaska, agriculture isn’t just cattle and livestock in Delta Junction or carrot farms in Palmer—it also includes kelp farms in Douglas, oyster operations on Prince of Wales Island, and gillnetters in Bristol Bay harvesting our world-class salmon,” said Senator Murkowski. “These uniquely Alaska enterprises have been left out of some of America’s agricultural landscape, yet they play a vital role in our food security across the state. It’s past time our fishing and mariculture industries can access the same financing opportunities as farmers in the heartland.”

More specifically the American Seafood Competitiveness Act would:

• Amend the Consolidated Farm and Rural Development Act to include commercial fishing and fish processing as eligible agricultural activities under USDA programs.

• Include wild-caught fish and shellfish as eligible agricultural products under USDA’s Local Agricultural Market Program and allow USDA to waive or reduce matching fund requirements, lowering barriers for small and rural operators.
• Update USDA regulations to ensure seafood processors can access financing to acquire or upgrade processing facilities and address significant operating costs.
• Expand eligibility for USDA farm ownership and operating loans to allow fishermen to purchase permits, acquire vessels, make capital improvements, and cover operating and maintenance costs.
• Broaden Farm Credit eligibility to businesses that support fishermen and fish processors, providing access to lending from Farm Credit institutions similar to that available to farm-related businesses.
• Create additional financing options for coastal businesses and rural communities that rely on the seafood economy, in the same manner as those supported by traditional agriculture.

The American Seafood Competitiveness Act would recognize the seafood industry’s role as “farmers of the sea” by ensuring they have the same opportunities as traditional farmers.

Senator King is a longtime supporter of Maine’s lobster and seafood industry and has worked to ensure Maine fishermen have the same access to federal support as traditional farmers. Last year, he led the Fishing Industry Credit Enhancement Act (FICA) which would allow businesses that provide direct assistance to fishing operations—like gear producers or cold storage—to access loans from the Farm Credit System (FCS) that are already offered to service providers for farmers, ranchers and loggers. The American Seafood Competitiveness Act includes the assistance programs from FICA in addition to the other proposed programs that extend economic aid to fish and seafood businesses.