S. 2580: Promoting American Competition in Aquaculture Research Act

This bill, known as the Promoting American Competition in Aquaculture Research Act, aims to amend existing laws regarding aquaculture assistance programs in the United States. Specifically, it focuses on changes related to funding and the treatment of indirect costs associated with these programs. Below are the key provisions of the bill:

1. Funding for Aquaculture Research

The bill proposes the allocation of $15 million annually for each fiscal year from 2025 to 2029 to support aquaculture research programs. This funding is essential for promoting and developing aquaculture, which is the farming of fish, shellfish, and aquatic plants.

2. Amendments to Indirect Costs

The bill seeks to eliminate the prohibition on charging indirect costs for aquaculture assistance programs. Here’s a breakdown of what this means:

• Indirect Costs Definition: Indirect costs typically include expenses that are not directly tied to a specific project but are necessary for the overall functioning of an organization, such as administrative expenses, utilities, and office supplies.
• Impact of Amendment: By amending existing laws, the bill allows organizations receiving aquaculture assistance grants to include indirect costs in their funding applications. This adjustment is expected to make it easier for these organizations to manage their financial resources and conduct research effectively.
• Effective Date: These changes regarding indirect costs would take effect immediately upon the enactment of the bill.

3. Compliance with Existing Law

The bill ensures that while indirect costs can now be included, they will still have to comply with limitations set forth in existing legislation related to agricultural research. This means that while organizations can apply for funding that includes indirect costs, there will still be rules and guidelines governing how much can be claimed.

4. Overall Purpose

The overarching goal of this bill is to enhance American competitiveness in the aquaculture sector by improving financial support for research and development. By providing additional funding and allowing for indirect costs, the bill aims to boost innovations and practices in aquaculture, which has significant implications for food security and economic development in the United States.

Relevant Companies

• AquaBounty Technologies (AQUA) - This company is involved in aquaculture and genetic technology for fish farming, and changes in funding and regulations could impact its research and development efforts and market competitiveness.
• Clover Health Investments (CLOV) - While primarily a health-focused company, Clover may have interests in sustainable food sources, which are relevant to the aquaculture industry.
• Marine Harvest (MAR) - This company operates in the aquaculture space and may benefit from increased research funding that enhances productivity and sustainability in the industry.