96-17052. Fishing Vessel and Gear Damage Compensation Fund Program

[Federal Register Volume 61, Number 129 (Wednesday, July 3, 1996)]
[Notices]
[Pages 34798-34799]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-17052]


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DEPARTMENT OF COMMERCE
National Oceanic and Atmospheric Administration
[I.D. 061196A]
RIN 0648-AC73


Fishing Vessel and Gear Damage Compensation Fund Program

AGENCY: National Marine Fisheries Service (NMFS), National Oceanic and 
Atmospheric Administration (NOAA), Commerce.

ACTION: Notice.

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SUMMARY: NMFS announces that the Fishing Vessel and Gear Damage 
Compensation Fund's (Fund) capital will be depleted before the end of 
this fiscal year. There are no alternative sources of capital, and the 
Fund will cease to do business.

EFFECTIVE DATE: July 3, 1996.
FOR FURTHER INFORMATION CONTACT: Michael L. Grable, Chief, Financial 
Services Division (301-713-2390).

SUPPLEMENTARY INFORMATION: Section 10 of the Fishermen's Protective Act 
established this fund. This fund has since 1979 paid fishermen's claims 
for damage to their vessels and gear caused by the actions of other 
vessels. Claims have typically involved the unobserved loss of fixed 
fishing gear presumptively caused by other vessels transiting through 
fixed-gear deployment areas.
    The Fund's only significant source of capital has been the 
statutory ability to levy a surcharge of up to 20 percent on fees 
imposed on foreign fishing vessels formerly fishing in the U.S. 
exclusive economic zone (EEZ). The last levy occurred in 1984, and 
foreign fishing in the EEZ has since virtually ceased. The Fund has, 
since 1984, been husbanding capital reserved from earlier surcharges. 
There are now enough claims on hand to potentially deplete the Fund's 
remaining capital.
    Although the Fund has statutory authority to borrow up to 
$5,000,000 from the U.S. Treasury with which to pay claims, it cannot 
do so, because it has no source of funds with which to repay the 
borrowing.
    NMFS will, consequently:
    1. Accept no further claim applications against the Fund (NMFS will 
return to claimants all claim applications submitted after the date of 
this notice).
    2. Pay claims already submitted, provided sufficient Fund capital 
is available, in the chronological order in which claimants' 
applications are determined by NMFS to be complete for processing and 
are approved by NMFS (NMFS may return claim applications when NMFS 
determines there is insufficient Fund capital available).
    3. Refund claim application fees to applicants whose claims NMFS 
cannot process due to insufficient Fund capital.
    4. Maintain a list of returned claims, and advise claimants, in 
chronological order of claim submission, to resubmit them if 
unobligated Fund capital proves sufficient to pay additional claims.

Catalog of Federal Domestic Assistance

    The Fishing Vessel and Gear Damage Compensation Fund Program is 
listed in the Catalog of Federal Domestic Assistance under number 
11.409.

[[Page 34799]]

Classification

    This action has been determined to be not significant for purposes 
of E.O. 12866.

    Authority: Public Law 95-396 and 95-561 (22 U.S.C. 1980 et seq.)

    Dated: June 27, 1996.
Rolland A. Schmitten,
Assistant Administrator for Fisheries, National Marine Fisheries 
Service.
[FR Doc. 96-17052 Filed 7-2-96; 8:45 am]

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