A bill to expand the authority of the Secretary of the Interior in connection with the investment of Indian trust funds, and for other purposes.

Summary

Grants authority to the Secretary of the Interior to invest the trust funds of Indian tribes and individual Indians in an open-ended diversified investment management company (mutual fund) if: (1) it is registered with the Securities and Exchange Commission; (2) its portfolio contains only federally issued or guaranteed securities; and (3) the Secretary is satisfied with respect to the security and protection provided by the mutual fund against loss of the principal of such trust funds. Requires that the amount of the trust funds to be invested in public debt securities or mutual funds exceed $50,000. Authorizes the Secretary to require such tribe or individual Indian to agree to waive any liability of the United States regarding the interest payable on trust funds invested. Amends the Indian Financing Act of 1974 to allow amounts in the Indian Revolving Loan Fund to be used to supplement funds from private lenders, to contribute to the Indian Loan Guaranty and Insurance Fund, or to make interest subsidy payments authorized under that Act.

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2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 19 September 1990

  Open at official source

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