[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 2865 Introduced in Senate (IS)]

  2d Session
                                S. 2865

   To permit qualified withdrawals from a capital construction fund 
account under chapter 535 of title 46, United States Code, for gear or 
 equipment required for fishery conservation or safety of life at sea 
     without regard to the minimum cost requirement established by 
                              regulation.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 15, 2008

    Ms. Snowe (for herself, Mr. Reed, Mr. Kerry, Mr. Lieberman, Mr. 
  Whitehouse, Ms. Collins, and Mr. Kennedy) introduced the following 
  bill; which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
   To permit qualified withdrawals from a capital construction fund 
account under chapter 535 of title 46, United States Code, for gear or 
 equipment required for fishery conservation or safety of life at sea 
     without regard to the minimum cost requirement established by 
                              regulation.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Fisheries Capital Construction Fund 
Enhancement Act of 2008''.

SECTION 2. CERTAIN QUALIFIED CAPITAL CONSTRUCTION FUND WITHDRAWALS.

    Section 53509 of title 46, United States Code, is amended--
            (1) by striking ``or'' after the semicolon in paragraph (1) 
        of subsection (a);
            (2) by redesignating paragraph (2) of subsection (a) as 
        paragraph (3);
            (3) by inserting after paragraph (1) of subsection (a) the 
        following:
            ``(2) the acquisition of gear or equipment required for 
        safety of life at sea or to comply with conservation measures 
        within a fishery; or''; and
            (4) by inserting after ``withdrawal.'' in subsection (c) 
        the following: ``The minimum cost requirements established by 
        such regulations (50 C.F.R. 259.31) shall not apply to a 
        withdrawal described in subsection (a)(2).''.
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