Senators Demand Federal Scrutiny of Private Equity’s Incursion Into Fishing

Three U.S. senators, including two members of a Senate subcommittee that oversees the fishing industry, are calling for greater federal scrutiny of private equity’s incursion into East Coast commercial fishing. The ProPublica/New Bedford Light investigation found that a federal regulatory system known as “catch shares,” which was adopted in 2010 to reduce overfishing, has fostered private equity’s consolidation of the industry at the expense of independent fishermen. The single largest permit holder in the New England groundfish industry is Blue Harvest Fisheries, which has rights to catch 12% of groundfish, approaching the antitrust cap of 15.5%. The current antitrust cap “fails to prevent excessive consolidation in the fishery,” said Geoff Smith, one of 18 members of the New England Fishery Management Council, which advises NOAA. >click to read< 10:23

3 Responses to Senators Demand Federal Scrutiny of Private Equity’s Incursion Into Fishing

  1. muddog says:

    Gov, causes the problems & offers their solutions.

  2. james R Lovgren says:

    If these politicians really gave a damn about the fishing industry and the environment, they wouldn’t be supporting the wholesale destruction of the marine environment [ and the commercial fishing industry with it] by thousands of industrial windmill machines clustered up and down the east coast. Anybody who believes these con artists deserves what they get. [three times higher electric bills]

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