Commercial fisheries are one of the greatest threats to sharks inhabiting the waters around the United States. Fisheries kill sharks as the target species or as bycatch when other fish species are targeted. The United States, despite decades of fisheries management, has not been able to develop sustainable shark fisheries.
The Status of U.S. Sharks
Several recent studies have shown that shark populations in U.S. waters are in trouble.
U.S. Shark Management
In 2000, the United States passed the Shark Finning Prohibition Act to eliminate the practice of shark finning in U.S. waters. While this law allows the fins to be removed from the sharks on the boat, it requires both the fins and carcass to be aboard the vessel at the time of landing in a 5% ratio of fins to carcass weight. In practice this system is hard to enforce and makes species identification extremely difficult. In addition, the fact that the U.S. does not have species specific landings data, stock assessments or quotas, makes it impossible to prevent overfishing of shark populations. The U.S. needs to implement stronger protection for sharks.
What needs to be done:

True Shark Finning Ban Passes House of Representatives (July 8, 2008)
U.S. Government Issues Shark Finning Ban in Atlantic Ocean and Gulf of Mexico Waters (June 19, 2008)
Oceana Supports Shark Conservation Act of 2008 (June 13, 2008)
Congress Pushes for True Shark Finning Ban (April 10, 2008)
Oceana Campaigns for Cosmetic Industry to Stop Using Shark Liver Oil (January 29, 2008)
New Report Reveals Human Activities Threaten Survival of Sharks Worldwide (November, 8, 2007)
Oceana Wants Sharks Landed Whole (August 8, 2007)
Oceana Announces New Study to Evaluate Worth of Ocean Resources to Divers (July 31, 2007)