INDIVIDUAL FISHING QUOTA LOANS.

SEC. 302. INDIVIDUAL FISHING QUOTA LOANS. (a) Amendment of Merchant Marine Act, 1936.—Section 1104A of the Merchant Marine Act, 1936 (46 U.S.C. App. 1274) is amended— (1) by striking “or” at the end of subsection (a)(5); (2) by striking the period at the end of subsection (a)(6) and inserting a semicolon and “or”; (3) by adding at the end of subsection (a) the following: “(7) financing or refinancing, including, but not limited to, the reimbursement of obligors for expenditures previously made, for the purchase of individual fishing quotas in accordance with section 303(d)(4) of the Magnuson Fishery Conservation and Management Act (16 U.S.C. 1853(d)(4)).”; and (4) by striking “paragraph (6)” in the last sentence of subsection (a) and inserting “paragraphs (6) and (7)”; and (5) by striking “equal to” in the third proviso of subsection (b)(2) and inserting “not to exceed”. (b) Prohibition.—Until October 1, 2001, no new loans may be guaranteed by the Federal Government for the construction of new fishing vessels if the construction will result in an increased 110 STAT. 3616harvesting capacity within the United States exclusive economic zone.