Regulations and Compliance

Many federal and state government regulations affect the marine industry. Trade Only follows developments as companies strive to operate in compliance with the rules.

Unemployment up to 9.6 percent in August

The unemployment rate increased to 9.6 percent in August, up from 9.5 percent in July, the U.S. Bureau of Labor Statistics reported today. The report says the private sector added 67,000 jobs last month while government employment fell as 114,000 temporary workers hired for the census completed their work. From May through August, the jobless…more

Northeast fishermen protest Obama’s policies

Taking advantage of President Obama’s family vacation on Martha’s Vineyard, commercial fishermen staged a protest against federal fishing policy with a flotilla of commercial fishing boats in Vineyard Haven Harbor. Twenty-five boats from Massachusetts, Rhode Island and New York joined a half-dozen recreational fishing boats for the midday demonstration Thursday against new federal fishing restrictions…more

Unemployment still at 9.5 percent

The unemployment rate for July remained unchanged at 9.5 percent, the U.S. Bureau of Labor Statistics reported today. The number of unemployed stands at 14.6 million. In July, the number of long-term unemployed (those jobless for 27 weeks or longer) was little changed at 6.6 million. Those people made up 44.9 percent of the unemployed.…more

Small-business loan fund bill delayed until September

The Senate on Thursday shelved a plan to create a $30 billion loan fund for cash-strapped small businesses, delaying final passage of the legislation until September at the earliest. Although Senate leaders in both parties were still working toward a compromise late Thursday, Senate Majority Leader Harry Reid, D-Nev., said the Senate will not return…more

Senate to take up SBA floorplan amendment

The Senate today is considering an National Marine Manufacturers Association-supported substitute amendment to H.R. 5297, the Small Business Jobs Act of 2010. The proposal, amendment No. 4519, would extend the Small Business Administration Dealer Floorplan Financing Program to three years, increase SBA loan caps for dealer floorplan financing to $5 million, eliminate SBA fees and…more

SBA loan bill set for vote this week

A key bill for boat dealers may come to the Senate floor for a final vote this week, the Marine Retailers Association of America reported in an alert to its members. H.R. 5297, which has already passed the House of Representatives, would increase the loan caps for dealer floorplan financing guarantees under the SBA 7(a)…more

Obama issues national ocean policy

Recreational boating is highlighted in a final report on ocean management, which was used as the basis for the Obama administration’s establishment of a National Policy for the Stewardship of the Oceans, Coasts and Great Lakes. President Barack Obama signed an executive order Monday establishing the policy, which adopts the final recommendations of the Interagency…more

Louisiana law adds dealer inventory requirement

Louisiana Act 1043 was signed into law last week, requiring that Louisiana marine dealers who cancel contracts with manufacturers prove due cause before being eligible to have inventory repurchased by manufacturers, the National Marine Manufacturers Association reports. The law goes into effect Jan. 1, 2011. According to the legislation, due cause can be established if…more

Fed: Economic recovery is slowing

The Federal Reserve Wednesday acknowledged a slowing of the U.S. economic recovery as it renewed its vow to hold benchmark interest rates exceptionally low for an extended period. In a statement at the end of a two-day meeting, the Fed scaled back its assessment of the pace of recovery, taking note of pockets of weakness,…more

Senate bill would extend SBA lending program

An amendment to the Small Business Lending Fund Act of 2010, offered by Sen. Mary Landrieu, D-La., outlines a number of NMMA-supported changes to the Small Business Administration’s Dealer Floor Plan Program, including raising loan caps from $2 million to $5 million, ensuring a 100 percent advance rate and extending the program to 2013, the…more

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