Prohibits a fish processing vessel from operating in the waters of the United States Exclusive Economic Zone (EEZ) unless: (1) the controlling interest in the vessel is owned by a U.S. entity; (2) the vessel has been used continuously as a fish processing vessel in the EEZ from January 1, 1987, to the date of enactment of this Act and the controlling interest in the vessel was held and continues to be held by the same entity from January 1, 1987; or (3) the vessel was purchased by a U.S. entity, for use as a fish processing vessel in the EEZ, under a financing agreement in effect on January 1, 1987.

Directs the Secretary of Commerce to study and review the effectiveness of this Act in reducing the number of non-U.S. fish processing vessels in the EEZ and report the results, with recommendations, to the Congress.