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 to participate in the Corporation by owning its equity securities. Authorizes the Corporation to make loans to or purchase, insure, or discount 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 up to 90 percent 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 30 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, the first of which shall include a five-year organizational development plan. Requires the Secretary of the Interior to submit to the Congress a report and recommendations on actions concerning any duplication of services between the credit and financial activities of the Corporation and those of the Secretary. Establishes the Advisory Council to the Indian Development Finance Corporation to provide advice on the policies and operations of the Corporation. Title II: Capitalization - Authorizes the Corporation to issue stock. Allows shares of stock in the corporation to be issued to and held by Indian Tribes and the United States only. Sets forth provisions governing the sale of Corporation stock and the purchase of stock by the Secretary of the Treasury. Authorizes the Corporation to issue a limited amount of bonds and notes. Title III: Authorization of Appropriations - Authorizes appropriations for general operating expenses and for the purchase of Corporation stock by the Secretary.

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

Timeline

1. 25 January 1989

   Introduced

   Read twice and referred to the Committee on Indian Affairs.

   Source: IntroReferral

2. 25 January 1989

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 27 July 1989

   Committee

   Committee on Indian Affairs. Hearings held. Hearings printed: S.Hrg. 101-402.

   Source: Committee

4. 1 May 1990

   Committee

   Committee on Indian Affairs. Committee consideration and Mark Up Session held.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · undated · Official file

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 25 January 1989

  Open at official source

Sponsors

• Sen. Inouye, Daniel K. [D-HI] · D · Sponsor
• · slia00 · Other

Related records

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