Indian Development Finance Corporation Act

Summary

Indian Development Finance Corporation Act - Title I: Establishment of Corporation - Establishes the Indian Development Finance Corporation. Requires the Corporation to provide development capital and technical and managerial assistance for new and existing Indian businesses and to encourage Indian tribes and individuals to participate in the Corporation by owning its equity securities. Authorizes the Corporation to make loans to or purchase obligations of Indian businesses if they meet specified financial conditions. Directs the Corporation to provide the credit needed by Indian businesses at the lowest reasonable cost, taking into account the Corporation's cost of money, necessary reserve, and expenses. Authorizes the Corporation to guarantee all or any part of the principal and interest of any loan made to an Indian business by a State or federally chartered lending institution on terms permissible for Corporation loans. Authorizes the Corporation to purchase up to 25 percent of the ownership interest in an Indian business and to supervise or participate in the management of such business. Sets forth administrative provisions concerning the Corporation. Requires the Corporation's Board of Directors to submit annual reports to the Congress on its capital, operations, and financial condition. Title II: Capitalization - Authorizes the Corporation to issue stock. Requires at least 60 percent of the Corporation's outstanding stock to be owned by Indian tribes. Limits the ownership interest of any individual or single tribe to five percent of such outstanding stock. Sets forth provisions governing the sale of Corporation stock to Indian tribes and to the Government. Authorizes the Corporation to issue bonds and notes which shall be federally guaranteed until the later of: (1) 20 years; or (2) the date such securities may be readily sold on the open market at prevailing rates of interest and yield. Requires the Secretary to loan the Corporation a specified amount to provide initial operating funds. Requires the Corporation to invest loan proceeds in Government securities and use the interest thereon to provide financial services and pay operating expenses. Title III: Authorization of Appropriations - Authorizes appropriations for FY 1988 through 1990.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 18 May 1987

   Introduced

   Referred to House Committee on Interior and Insular Affairs.

   Source: IntroReferral

2. 18 May 1987

   Introduced

   Introduced in House

   Source: IntroReferral

3. 18 May 1987

   Introduced

   Introduced in House

   Source: IntroReferral

4. 24 August 1987

   Committee

   Field Hearings Held in Santa Fe, New Mexico.

   Source: Committee

5. 25 August 1987

   Committee

   Field Hearings Held in Denver, Colorado.

   Source: Committee

6. 4 September 1987

   Committee

   Unfavorable Executive Comment Received From Interior.

   Source: Committee

7. 19 October 1988

   Committee

   For Further Action See S.721.

   Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 18 May 1987

  Open at official source

Sponsors

• Rep. Richardson, Bill [D-NM-3] · D · Sponsor
• Rep. Udall, Morris K. [D-AZ-2] · D · Sponsor
• Rep. Johnson, Tim [D-SD-At Large] · D · Cosponsor
• Rep. Campbell, Ben Nighthorse [D-CO-3] · D · Cosponsor
• · hsii00 · Standing

Related records

• related to ← Indian Development Finance Corporation Act