NOAA's Fisheries Service Proposes Guidelines for F/V and Permit Buyouts

August 31, 1999

NOAA's Fisheries Service is proposing guidelines for future government-backed buyouts of F/Vs and permits to reduce excess fishing capacity, the Commerce Department's National Oceanic and Atmospheric Administration (NOAA) announced. "As is the case around the world, many U.S. fisheries have too many fishing vessels chasing too few fish," said Terry Garcia, assistant secretary of commerce for oceans and atmosphere and deputy NOAA administrator. "We are creating general guidelines to allow the U.S. fishing industry to voluntarily set an example of reducing excess fishing capacity in our waters. Reducing extra fishing capacity increases earnings, simplifies management, and improves conservation efforts." Congress amended the Magnuson-Stevens Act in 1996 to provide for voluntary fishing capacity reduction - commonly known as a "buyout." The proposed rule addresses matters common to all buyouts, but each future buyout requires a separate implementation rule addressing the specific needs of a fishery and its participants. The decision to participate in a buyout is voluntary. Most buyouts will be carried out through reverse auctions where the objective will be to remove the greatest capacity with the fewest dollars. A buyout pays fishermen to surrender their fishing permits and/or withdraw their vessels from fishing. A vessel withdrawal involves either scrapping the vessel or imposing title restrictions that permanently prevent the vessel from being used for fishing. Buyouts can occur only in fisheries that prevent additional fishermen from entering them. Each buyout must prevent or end overfishing, rebuild stocks of fish, or achieve measurable and significant improvements in the conservation and management of the buyout fishery.

NOAA's Fisheries Service Proposes Guidelines for F/V and Permit Buyouts

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