(1) To permanently reduce fishing capacity in the northeast multispecies fishery.
Fishing capacity in the context of this buyout refers to the ability to convert fishery access (a permit with allocated Days-at-Sea) into fishing mortality. Because no two permits will have an identical impact on the groundfish resource, this buyout seeks to permanently remove fishing capacity as defined by a combination of a permitted vessel's length, horsepower, and permit history (documented landings).

(2) To provide those wishing to leave the groundfish fishery with a legitimate, financially sensible way of doing so.
There is a tremendous amount of uncertainty about the future of the fishery. Many permit holders may want to leave the groundfish fishery altogether, but are waiting for the right time to do so. This buyout provides them with a financially sound, reasonable way to leave the fishery.

(3) To preserve the essential character of the New England groundfish fleet by not targeting any one gear type, size class or geography for buyout.
No geographic area, gear-type or vessel size class will be targeted by the design of this buyout program. This is not to say that certain geographies, gear types or vessel size classes will not be disproportionately impacted by a buyout, because that may happen in due course. Rather, the provisions of this buyout will not intentionally advantage or disadvantage any particular portion of the industry through the solicitation, ranking and/or acceptance of bids.

(4) To ensure that the benefits to those remaining in the industry justify the costs of the loan.
The program should result in a positive return on investment for those who pay into it. In the long term, almost any amount of capacity removed from the fishery will provide a benefit; when the resource rebounds, even latent or underutilized capacity retired through this program won't be able to be reactivated. Short and/or medium term benefits will come from any sizable capacity reductions—reductions significant enough to have a positive impact on mortality over the next two to five years. Each permit holder will have to use their own judgment and experience to determine if this objective is likely to be met.