30 



markets like Mr. Ciulla is doing. So, people who need to retrofit the 

 boats. 



But here again, the groundfish stock we need to rebuild in the 

 next 3 to 5 to 7 to 10 years. With only a few days of fishing, no 

 one can survive. Somehow there has to be a package put on, long- 

 term, of debt restructuring and mortgage insurance so we are here 

 when the stocks recover. Otherwise, no one will be left to fish, be- 

 cause of the time involved. We need the fishermen to be able to 

 harvest. We are protecting one species but destroying the true en- 

 dangered species, the fishermen. 



Chairman Torkildsen. Mr. Ciulla, we will give you the final 

 words. 



Mr. Ciulla. I think basically what needs to be done, the Federal 

 Government really has to look at this and see there is opportunity 

 for us out there, all of us, in the industry. There are markets that 

 we need to explore, obviously. But we need help getting there. We 

 need some type of assistance in the form of flexible financing and 

 innovative financing and in the form of low-interest loans to get 

 there. 



We can't do it on our own. We don't have the capital to do that 

 and reach these other international and global markets we need to 

 reach without Federal assistance. 



Chairman TORKILDSEN. Thank you. I will thank all of you for 

 your testimony. 



I would ask that the witnesses of this panel and the previous 

 panel be willing to respond in writing if any members of the Sub- 

 committee who were not here have any questions for you. Those 

 will be within the next few weeks. If there is no objection, the 

 record will remain open for 2 weeks for Members to submit state- 

 ments as well. 



I apologize for having to conclude this hearing rather abruptly. 

 The issue is far from concluded. We will discuss it again until we 

 get a satisfactory response. 



I thank all ot the witnesses for their testimony. This hearing is 

 adjourned. 



[Whereupon, at 12:25 p.m., the Subcommittee was adjourned, 

 subject to the call of the Chair.] 



