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. 11 March 1987

   Introduced

   Read twice and referred to the Committee on Indian Affairs.

   Source: IntroReferral

2. 11 March 1987

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 30 April 1987

   Committee

   Committee on Indian Affairs. Hearings held.

   Source: Committee

4. 15 October 1987

   Committee

   Committee on Indian Affairs. Hearings held.

   Source: Committee

5. 3 March 1988

   Reported

   Committee on Indian Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably.

   Source: Committee

6. 22 March 1988

   Calendars

   Placed on Senate Legislative Calendar under General Orders. Calendar No. 596.

   Source: Calendars

7. 22 March 1988

   Reported

   Committee on Indian Affairs. Reported to Senate by Senator Inouye with an amendment in the nature of a substitute. With written report No. 100-306.

   Source: Committee

8. 22 March 1988

   Reported

   Committee on Indian Affairs. Reported to Senate by Senator Inouye with an amendment in the nature of a substitute. With written report No. 100-306.

   Source: Committee

9. 20 April 1988

   Passed

   Passed/agreed to in Senate: Passed Senate with an amendment by Voice Vote.

   Source: Floor

10. 20 April 1988

    Floor

    Measure laid before Senate by unanimous consent.

    Source: Floor

11. 26 April 1988

    Introduced

    Referred to House Committee on Interior and Insular Affairs.

    Source: IntroReferral

12. 26 April 1988

    Floor

    Message on Senate action sent to the House.

    Source: Floor

13. 19 October 1988

    Passed

    Passed House (Amended) by Voice Vote.

    Source: Floor

14. 19 October 1988

    Passed

    Passed/agreed to in House: Passed House (Amended) by Voice Vote.

    Source: Floor

15. 19 October 1988

    Floor

    Called up by House Under Suspension of Rules.

    Source: Floor

16. 20 October 1988

    Floor

    Message on House action received in Senate and held at desk: House amendments to Senate bill.

    Source: Floor

Votes

No vote records are attached yet.

Versions

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

Documents

4 official files

• Passed House amended

  summary · EN · 19 October 1988

  Open at official source

• Passed Senate amended

  summary · EN · 20 April 1988

  Open at official source

• Reported to Senate with amendment(s)

  summary · EN · 22 March 1988

  Open at official source

• Introduced in Senate

  summary · EN · 11 March 1987

  Open at official source

Sponsors

• Sen. Inouye, Daniel K. [D-HI] · D · Sponsor
• Sen. DeConcini, Dennis [D-AZ] · D · Sponsor
• Sen. Daschle, Thomas A. [D-SD] · D · Sponsor
• Sen. Matsunaga, Spark M. [D-HI] · D · Sponsor
• Sen. Burdick, Quentin N. [D-ND] · D · Sponsor
• Sen. McCain, John [R-AZ] · R · Sponsor
• Sen. Evans, Daniel J. [R-WA] · R · Sponsor
• Rep. Adams, Brock [D-WA-7] · D · Cosponsor
• · hsii00 · Standing
• · slia00 · Other

Related records

• related to → Indian Development Finance Corporation Act