An Act to extend until October 1, 1981, the voluntary insurance program provided by section 7 of the Fishermen's Protective Act of 1967, and for other purposes.

(Senate agreed to House amendment to certain Senate amendment with an amendment)

Extends the voluntary insurance program established by the Fisherman's Protective Act of 1967 for an additional three years, until October 1, 1981.

Directs the Secretary of Commerce or the Secretary of the Interior, upon finding that nationals of a foreign country are engaged in trade or taking which diminishes the effectiveness of any international program for endangered or threatened species, to certify such fact to the President. Authorizes the President to direct the Secretary of the Treasury to prohibit the bringing in or the importation into the United States of wildlife products from the offending country for a period which the President deems appropriate. Makes conforming changes in such Act to include wildlife products among those protected. Defines "international program for dangered or threatened species," "wildlife products," and "taking" for the purposes of such Act.

Provides that the owner or operator of any fishing vessel which is a vessel of the United States is eligible for monetary compensation for any damage to, loss of, or destruction of any fishing gear used with such vessel, if the damage, loss, or destruction occurs when the vessel is engaging in any fishery subject to exclusive management authority of the United States and is attributable to any other vessel or an act of God. States that in order to be eligible for compensation, a vessel owner: (1) pays a reasonable administrative fee at the time of application which the Secretary shall deposit into the Fund; (2) must apply to the Secretary for compensation within 60 days after the day on which the damage, loss or destruction occurred or was first noticed by the owner; (3) must be in compliance with the prescribed regulations; (4) must have a current inventory of the gear concerned on file with the Secretary; and (5) must comply with all applicable regulations relating to the making of and notification of the location of the gear concerned.

Sets forth procedures for application for compensation and methods for determining the amount of compensation. Permits any vessel owner who is aggrieved by the decision of the Secretary to petition for review of the decision. Declares that upon the acceptance of such payment by the vessel owner, the United States shall be subrogated to all rights of the vessel owner with respect to which the payment is made.

Requires that for each year after 1978, the Secretary shall impose a surcharge on any Foreign Fishing vessel in an amount not to exceed 20 percent of the amount of the fee required for a fishing permit under the Fishery Conservation and Management Act.

Provides for any year after 1978 that no foreign fishing vessel shall be issued a permit to fish within the fishery conservation zone unless the annual surcharge has been paid.

Establishes in the Treasury of the United States the Fishing Vessel and Gear Damage Compensation Fund. States that the Fund shall consist of: (1) all sums recovered by the United States in the exercise of rights subrogated to it; (2) all administrative fees collected; (3) all surcharges collected; (4) revenues received from deposits or investments made; and (5) any revenue acquired through the issuance of obligations. States that all damage compensation paid by the Secretary shall be paid from the Fund only to the extent provided for in appropriation Acts.

Provides that any person who willfully makes any false or misleading statements for the purpose of obtaining compensation shall be punished by a fine of not more than $25,000 or by imprisonment for not more than one year, or both.

Provides that all the provisions of this Act except the extension to 1981 of the voluntary insurance program shall take effect January 1, 1979.