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Hooked on Finance: US Fisheries are Big Money - Sustainability Recommendations



Commercial fishing is a cornerstone of the U.S. economy, contributing billions of dollars annually and supporting millions of jobs at both national and local levels. In 2022, U.S. commercial fisheries harvested over 8.3 billion pounds of seafood valued at $5.9 billion. The industry generated an additional $183.4 billion in sales, $47.2 billion in income, and $74 billion in value-added impacts, supporting 1.6 million jobs across the broader economy. Sustaining this critical industry requires balancing economic growth with environmental sustainability.


Why It Matters


  • Create a Risk Pool: Bankers must be educated about fisheries across the U.S. and bankers need a mechanism to both issue loans by valuing collateral, ways to de-risk loans and de-risk loan portfolios.

  • Clarify Financial Accounting Rules: Fisheries lack standardized financial accounting systems, making it difficult to value fisheries or establish credit histories. This creates challenges for fishers seeking to use forward or futures contracts.

  • Establish National Community Development Corporations: CDCs could employ accounting practices to align social and ecological performance, effectively driving an integrated approach. Besides CDCs, bioregional financial institutions can help support local fisheries.

  • Markets and Pricing: The absence of price transparency also distorts markets by creating a power asymmetry between buyers and sellers, resulting in a lack of agency for fishers in the marketplace. Consequently, fishers are price takers, not price makers.


Details


This paper builds upon the findings of the previous report, which examined the economic and operational state of U.S. fisheries, by summarizing key data and focusing on actionable strategies. It highlights the need to measure the long-term benefits of supporting small-scale domestic fisheries to reduce reliance on unsustainable sources and prevent complacency. Furthermore, it addresses the major challenges facing U.S. fisheries, including navigating regulations, securing access to capital, and adapting to market dynamics. The report also explores potential solutions such as risk pooling, accounting reforms, public-private partnerships, and the establishment of community development corporations to support sustainable practices and economic resilience.


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