Save Our Shrimpers Act
Shrimp Industry: Blocking Loans for Foreign Competitors
The Save Our Shrimpers Act is currently in the early stages of the legislative process. It was recently introduced in the Senate and sent to the Committee on Foreign Relations for review. There are no upcoming votes scheduled at this time.
Legislative Progress
The bill has strong support from both parties in states with big fishing industries. While it focuses on a specific industry, the bipartisan backing makes it more likely to move forward.
Key Points
- This bill aims to help American shrimp fishers by stopping international banks from giving money to their foreign competitors. It requires U.S. representatives at global financial groups to vote against any loans or aid for foreign shrimp farms and processing plants.
- The goal is to prevent foreign countries from using low-cost international loans to flood the U.S. market with cheap shrimp. This would help protect jobs and businesses in coastal states like Texas, Georgia, and Louisiana where shrimping is a major part of the economy.
- The Secretary of the Treasury would have the power to ignore these rules if they decide a specific project is important for U.S. national interests. This gives the government some flexibility in how they handle foreign relations and trade.
- If passed, these rules would stay in place for seven years. After that time, the government would need to decide if the restrictions are still necessary to support the domestic shrimp industry.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Read twice and referred to the Committee on Foreign Relations.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in Senate
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
Save Our Shrimpers Act
Data Sources
Sponsor
Cosponsors
(3)Analysis generated by AI. Always verify with official sources.