What This Bill Does · Plain English
GovGreed Synthesis · AI extraction
This bill amends the Farm Credit Act of 1971 to explicitly allow Farm Credit System institutions (Farm Credit Banks and Production Credit Associations) to extend credit and financial services to businesses that provide services to commercial fishing operations. It expands the eligible borrower base to include companies furnishing services 'directly related to the operating needs' of aquatic product producers and harvesters.
Action Timeline
2025-03-31
Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
2025-03-31
Introduced in Senate
Frequently Asked Questions
Did S.1217 pass?
S.1217 is still alive. Current stage: COMMITTEE. Pass likelihood: 38%.
What does S.1217 do?
This bill amends the Farm Credit Act of 1971 to explicitly allow Farm Credit System institutions (Farm Credit Banks and Production Credit Associations) to extend credit and financial services to businesses that provide services to commercial fishing operations. It expands the eligible borrower base to include companies furnishing services 'directly related to the operating needs' of aquatic product producers and harvesters.
Who sponsored S.1217?
S.1217 was sponsored by Jr. Angus S. King (I-Maine).
Full Bill Text
119 S1217 IS: Fishing Industry Credit Enhancement Act of 2025 U.S. Senate 2025-03-31 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. II 119th CONGRESS 1st Session S. 1217 IN THE SENATE OF THE UNITED STATES March 31, 2025 Mr. King (for himself, Ms. Murkowski , Mr. Murphy , Mr. Coons , Ms. Blunt Rochester , and Mr. Sullivan ) introduced the following bill; which was read twice and referred to the Committee on Agriculture, Nutrition, and Forestry A BILL To amend the Farm Credit Act of 1971 to support the commercial fishing industry. 1. Short title This Act may be cited as the Fishing Industry Credit Enhancement Act of 2025 . 2. Extension of credit to businesses providing services to producers or harvesters of aquatic products (a) Farm credit banks (1) Eligibility for credit and financial services Section 1.9 of the Farm Credit Act of 1971 ( 12 U.S.C. 2017 ) is amended— (A) in paragraph (2), by striking or at the end; (B) by redesignating paragraph (3) as paragraph (4); and (C) by inserting after paragraph (2) the following: (3) persons furnishing to producers or harvesters of aquatic products services directly related to their operating needs; or . (2) Purposes for extensions of credit Section 1.11(c)(1) of the Farm Credit Act of 1971 ( 12 U.S.C. 2019(c)(1) ) is amended by inserting and to persons furnishing services directly related to the operating needs of producers or harvesters of aquatic products after needs . (b) Production credit associations Section 2.4(a) of the Farm Credit Act of 1971 ( 12 U.S.C. 2075(a) ) is amended— (1) in paragraph (2), by striking and at the end; (2) in paragraph (3), by striking the period at the end and inserting ; and ; and (3) by adding at the end the following: (4) persons furnishing to producers or harvesters of aquatic products services directly related to their operating needs. .
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