| Description and impacts of Northeast groundfish fishery buyout programs - :4692 | National Marine Fisheries Service (NMFS)
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Description and impacts of Northeast groundfish fishery buyout programs
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  • Description:
    "Since the passage of the Magnuson Act and establishment of the Exclusive Economic Zone (EEZ) in 1977, the fishery for groundfish in the northeastern U. S. has been managed under three fishery management plans (FMPs) developed by the New England Fishery Management Council (Council) and NOAA's National Marine Fisheries Service (NMFS). From 1977 to 1982, the fishery was managed primarily by quotas for cod (Gadus morhua), haddock (Melanogrammus aeglefinus), and yellowtail flounder (Pleuronectesferrugineus). During this period, the stocks began rebuilding following historic overfishing by foreign fleets. Even as the foreign fleets were being excluded from the EEZ, the U.S. domestic fleet was experiencing an unprecedented increase in new vessel construction. This increase was due, in varying degrees, to the economic opportunity presented by both the displacement of the foreign fleets and increases stock abundance, to incentive programs such as the Fishing Vessel Obligation Guarantee Program and the Fishing Vessel Capital Construction Fund Program which encouraged replacement and new construction of fishing vessels, and, later, to the Tax Reform Act of 1981. The increase in fleet size was not limited by the Groundfish FMP"--Introduction.

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