Fishery Conservation Transition Act - Directs the Secretary of Commerce, for certain fisheries for which a fishery management plan is in effect that contains a complete prohibition on the retention of stocks subject to overfishing within the fishery for the entire fishing season, to determine whether such prohibition is sufficient to prevent or end overfishing for the stocks, or stocks being overfished.
Sets forth provisions for specified remedial and other actions to be taken by the Secretary if the prohibition contained in such a plan is insufficient to prevent or end overfishing for the stocks to which it applies.
Establishes an economic assistance program to assist recreational and commercial fishery participants, fishing industries, and fishing communities significantly affected by a prohibition on the retention of stocks to end or prevent overfishing or rebuild overfished stocks. Limits the federal share of assistance provided under the program to 75% and requires the provision of state matching funds.
Provides criteria for determining the existence of an overfishing situation requiring emergency action.
Requires the consideration of specified fishery studies and management measures in the review of any fishery management plan, plan amendment, or regulations relating to the rebuilding of overfished fisheries.
Requires the Secretary to assess current management measures for stocks in multispecies fisheries.