Aquaculture Surety Bond

The SFAA has proposed a bill concerning offshore aquaculture. Aquaculture is the farming of oceanic organisms such as fish, seaweed, shellfish, etc.

The proposed bill is named H.R. 2373 and would create a research program for sustainable offshore aquaculture. The bill requires anyone participating in aquaculture to have a permit as well as a surety bond. The bond would be in place to guarantee proper physical and financial handling of the aquaculture farms and the amount needed would be established by the Secretary of the Commerce; but it must be sufficient enough to protect against unpaid fees, removing of aquaculture farms and other possible financial risks.