May 18, 2020 — The Trump administration recently announced two major actions to assist the U.S. commercial fishing industry. President Trump’s Executive Order on Promoting American Seafood Competitiveness and Economic Growth[1] (Order) aims to increase seafood production by streamlining regulatory permitting processes and reducing burdens on the fishing industry.
In a separate action, the Secretary of Commerce detailed how $300M in CARES Act[2] funding intended to address impacts to the seafood industry caused by COVID-19 will be distributed.
This alert outlines the impacts of the Order on U.S. fishing, as well as describes the initial details for distribution of CARES Act funds to fishing businesses.
Impacts of the Executive Order on U.S. Fishing
While the Order focuses mainly on aquaculture, it also contains several provisions aimed at assisting the U.S. fishing industry. However, important details remain to be worked out, and it is unclear how quickly the fishing industry will see benefits.