[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 519 Reported in Senate (RS)]






                                                       Calendar No. 795
108th CONGRESS
  2d Session
                                 S. 519

                          [Report No. 108-404]

   To establish a Native American-owned financial entity to provide 
financial services to Indian tribes, Native American organizations, and 
               Native Americans, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 5, 2003

 Mr. Campbell introduced the following bill; which was read twice and 
              referred to the Committee on Indian Affairs

                           November 10, 2004

  Reported under authority of the order of the Senate of October 11, 
 2004, by Mr. Campbell, with an amendment and an amendment to the title
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]

_______________________________________________________________________

                                 A BILL


 
   To establish a Native American-owned financial entity to provide 
financial services to Indian tribes, Native American organizations, and 
               Native Americans, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

<DELETED>SECTION 1. SHORT TITLE; TABLE OF CONTENTS.</DELETED>

<DELETED>    (a) Short Title.--This Act may be cited as the ``Native 
American Capital Formation and Economic Development Act of 
2003''.</DELETED>
<DELETED>    (b) Table of Contents.--The table of contents of this Act 
is as follows:</DELETED>

<DELETED>Sec. 1. Short title; table of contents.
<DELETED>Sec. 2. Findings.
<DELETED>Sec. 3. Purposes.
<DELETED>Sec. 4. Definitions.
   <DELETED>TITLE I--NATIVE AMERICAN CAPITAL DEVELOPMENT CORPORATION

<DELETED>Sec. 101. Establishment of the Corporation.
<DELETED>Sec. 102. Authorized assistance and service functions.
<DELETED>Sec. 103. Native American lending services grant.
<DELETED>Sec. 104. Audits.
<DELETED>Sec. 105. Annual housing and economic development reports.
<DELETED>Sec. 106. Advisory Council.
            <DELETED>TITLE II--CAPITALIZATION OF CORPORATION

<DELETED>Sec. 201. Capitalization of the Corporation.
        <DELETED>TITLE III--REGULATION, EXAMINATION, AND REPORTS

<DELETED>Sec. 301. Regulation, examination, and reports.
<DELETED>Sec. 302. Authority of the Secretary of Housing and Urban 
                            Development.
            <DELETED>TITLE IV--FORMATION OF NEW CORPORATION

<DELETED>Sec. 401. Formation of new corporation.
<DELETED>Sec. 402. Adoption and approval of merger plan.
<DELETED>Sec. 403. Consummation of merger.
<DELETED>Sec. 404. Transition.
<DELETED>Sec. 405. Effect of merger.
             <DELETED>TITLE V--OTHER NATIVE AMERICAN FUNDS

<DELETED>Sec. 501. Native American Economies Diagnostic Studies Fund.
<DELETED>Sec. 502. Native American Economic Incubation Center Fund.
          <DELETED>TITLE VI--AUTHORIZATIONS OF APPROPRIATIONS

<DELETED>Sec. 601. Native American financial institutions.
<DELETED>Sec. 602. Corporation.
<DELETED>Sec. 603. Other Native American funds.

<DELETED>SEC. 2. FINDINGS.</DELETED>

<DELETED>    Congress finds that--</DELETED>
        <DELETED>    (1) there is a special legal and political 
        relationship between the United States and the Indian tribes, 
        as grounded in treaties, the Constitution, Federal statutes and 
        court decisions, executive orders, and course of 
        dealing;</DELETED>
        <DELETED>    (2) despite the availability of abundant natural 
        resources on Indian land and a rich cultural legacy that 
        accords great value to self-determination, self-reliance, and 
        independence, Native Americans suffer rates of unemployment, 
        poverty, poor health, substandard housing, and associated 
        social ills to a greater degree than any other group in the 
        United States;</DELETED>
        <DELETED>    (3) the economic success and material well-being 
        of Native Americans depends on the combined efforts and 
        resources of the United States, Indian tribal governments, the 
        private sector, and individuals;</DELETED>
        <DELETED>    (4) the poor performance of moribund Indian 
        economies is due in part to the near-complete absence of 
        private capital and private capital institutions; and</DELETED>
        <DELETED>    (5) the goals of economic self-sufficiency and 
        political self-determination for Native Americans can best be 
        achieved by making available the resources and discipline of 
        the private market, adequate capital, and technical 
        expertise.</DELETED>

<DELETED>SEC. 3. PURPOSES.</DELETED>

<DELETED>    The purposes of this Act are--</DELETED>
        <DELETED>    (1) to establish an entity dedicated to capital 
        development and economic growth policies in Native American 
        communities;</DELETED>
        <DELETED>    (2) to provide the necessary resources of the 
        United States, Native Americans, and the private sector on 
        endemic problems such as fractionated and unproductive Indian 
        land;</DELETED>
        <DELETED>    (3) to provide a center for economic development 
        policy and analysis with particular emphasis on diagnosing the 
        systemic weaknesses with, and inhibitors to greater levels of 
        investment in, Native American economies;</DELETED>
        <DELETED>    (4) to establish a Native-owned financial entity 
        to provide financial services to Indian tribes, Native American 
        organizations, and Native Americans; and</DELETED>
        <DELETED>    (5) to improve the material standard of living of 
        Native Americans.</DELETED>

<DELETED>SEC. 4. DEFINITIONS.</DELETED>

<DELETED>    In this Act:</DELETED>
        <DELETED>    (1) Alaska native.--The term ``Alaska Native'' has 
        the meaning given the term ``Native'' in section 3 of the 
        Alaska Native Claims Settlement Act (43 U.S.C. 1602).</DELETED>
        <DELETED>    (2) Board.--The term ``Board'' means the Board of 
        Directors of the Corporation.</DELETED>
        <DELETED>    (3) Capital distribution.--The term ``capital 
        distribution'' has the meaning given the term in section 1303 
        of the Federal Housing Enterprise Financial Safety and 
        Soundness Act of 1992 (12 U.S.C. 4502).</DELETED>
        <DELETED>    (4) Chairperson.--The term ``Chairperson'' means 
        the chairperson of the Board.</DELETED>
        <DELETED>    (5) Corporation.--The term ``Corporation'' means 
        the Native American Capital Development Corporation established 
        by section 101(a)(1)(A).</DELETED>
        <DELETED>    (6) Council.--The term ``Council'' means the 
        Advisory Council established under section 106(a).</DELETED>
        <DELETED>    (7) Designated merger date.--The term ``designated 
        merger date'' means the specific calendar date and time of day 
        designated by the Board under this Act.</DELETED>
        <DELETED>    (8) Department of hawaiian home lands.--The term 
        ``Department of Hawaiian Home Lands'' means the agency that is 
        responsible for the administration of the Hawaiian Homes 
        Commission Act, 1920 (42 Stat. 108 et seq.).</DELETED>
        <DELETED>    (9) Fund.--The term ``Fund'' means the Community 
        Development Financial Institutions Fund established under 
        section 104 of the Riegle Community Development and Regulatory 
        Improvement Act of 1994 (12 U.S.C. 4703).</DELETED>
        <DELETED>    (10) Indian tribe.--The term ``Indian tribe'' has 
        the meaning given the term in section 4 of the Indian Self-
        Determination and Education Assistance Act (25 U.S.C. 
        450b).</DELETED>
        <DELETED>    (11) Merger plan.--The term ``merger plan'' means 
        the plan of merger adopted by the Board under this 
        Act.</DELETED>
        <DELETED>    (12) Native american.--The term ``Native 
        American'' means--</DELETED>
                <DELETED>    (A) a member of an Indian tribe; 
                or</DELETED>
                <DELETED>    (B) a Native Hawaiian.</DELETED>
        <DELETED>    (13) Native american financial institution.--The 
        term ``Native American financial institution'' means a person 
        (other than an individual) that--</DELETED>
                <DELETED>    (A) qualifies as a community development 
                financial institution under section 103 of the Riegle 
                Community Development and Regulatory Improvement Act of 
                1994 (12 U.S.C. 4702);</DELETED>
                <DELETED>    (B) satisfies--</DELETED>
                        <DELETED>    (i) requirements established by 
                        subtitle A of title I of the Riegle Community 
                        Development and Regulatory Improvement Act of 
                        1994 (12 U.S.C. 4701 et seq.); and</DELETED>
                        <DELETED>    (ii) requirements applicable to 
                        persons seeking assistance from the 
                        Fund;</DELETED>
                <DELETED>    (C) demonstrates a special interest and 
                expertise in serving the primary economic development 
                and mortgage lending needs of the Native American 
                community; and</DELETED>
                <DELETED>    (D) demonstrates that the person has the 
                endorsement of the Native American community that the 
                person intends to serve.</DELETED>
        <DELETED>    (14) Native american lender.--The term ``Native 
        American lender'' means a Native American governing body, 
        Native American housing authority, or other Native American 
        financial institution that acts as a primary mortgage or 
        economic development lender in a Native American 
        community.</DELETED>
        <DELETED>    (15) Native hawaiian.--The term ``Native 
        Hawaiian'' has the meaning given the term in section 201 of the 
        Hawaiian Homes Commission Act, 1920 (42 Stat. 108).</DELETED>
        <DELETED>    (16) New corporation.--The term ``new 
        corporation'' means the corporation formed in accordance with 
        title IV.</DELETED>
        <DELETED>    (17) Secretary.--The term ``Secretary'' means the 
        Secretary of Housing and Urban Development.</DELETED>
        <DELETED>    (18) Total capital.--The term ``total capital'' 
        has the meaning given the term in section 1303 of the Federal 
        Housing Enterprise Financial Safety and Soundness Act of 1992 
        (12 U.S.C. 4502).</DELETED>
        <DELETED>    (19) Transition period.--The term ``transition 
        period'' means the period beginning on the date on which the 
        merger plan is approved by the Secretary and ending on the 
        designated merger date.</DELETED>

         <DELETED>TITLE I--NATIVE AMERICAN CAPITAL DEVELOPMENT 
                         CORPORATION</DELETED>

<DELETED>SEC. 101. ESTABLISHMENT OF THE CORPORATION.</DELETED>

<DELETED>    (a) Establishment; Board of Directors; Policies; Principal 
Office; Membership; Vacancies.--</DELETED>
        <DELETED>    (1) Establishment.--</DELETED>
                <DELETED>    (A) In general.--There is established and 
                chartered a corporation, to be known as the ``Native 
                American Capital Development Corporation''.</DELETED>
                <DELETED>    (B) Period of time.--The Corporation shall 
                be a congressionally chartered body corporate until the 
                earlier of--</DELETED>
                        <DELETED>    (i) the designated merger date; 
                        or</DELETED>
                        <DELETED>    (ii) the date on which the charter 
                        is surrendered by the Corporation.</DELETED>
                <DELETED>    (C) Changes to charter.--The right to 
                revise, amend, or modify the Corporation charter is 
                specifically and exclusively reserved to 
                Congress.</DELETED>
        <DELETED>    (2) Board of directors; principal office.--
        </DELETED>
                <DELETED>    (A) Board.--The powers of the Corporation 
                shall be vested in a Board of Directors, which Board 
                shall determine the policies that govern the operations 
                and management of the Corporation.</DELETED>
                <DELETED>    (B) Principal office; residency.--
                </DELETED>
                        <DELETED>    (i) Principal office.--The 
                        principal office of the Corporation shall be in 
                        the District of Columbia.</DELETED>
                        <DELETED>    (ii) Venue.--For purposes of 
                        venue, the Corporation shall be considered to 
                        be a resident of the District of 
                        Columbia.</DELETED>
        <DELETED>    (3) Membership.--</DELETED>
                <DELETED>    (A) In general.--</DELETED>
                        <DELETED>    (i) Nine members.--Except as 
                        provided in clause (ii), the Board shall 
                        consist of 9 members, of which--</DELETED>
                                <DELETED>    (I) 3 members shall be 
                                appointed by the President; 
                                and</DELETED>
                                <DELETED>    (II) 6 members shall be 
                                elected by the class A stockholders, in 
                                accordance with the bylaws of the 
                                Corporation.</DELETED>
                        <DELETED>    (ii) Thirteen members.--If class B 
                        stock is issued under section 201(b), the Board 
                        shall consist of 13 members, of which--
                        </DELETED>
                                <DELETED>    (I) 9 members shall be 
                                appointed and elected in accordance 
                                with clause (i); and</DELETED>
                                <DELETED>    (II) 4 members shall be 
                                elected by the class B stockholders, in 
                                accordance with the bylaws of the 
                                Corporation.</DELETED>
                <DELETED>    (B) Terms.--Each member of the Board shall 
                be elected or appointed for a 4-year term, except that 
                the members of the initial Board shall be elected or 
                appointed for the following terms:</DELETED>
                        <DELETED>    (i) Of the 3 members appointed by 
                        the President--</DELETED>
                                <DELETED>    (I) 1 member shall be 
                                appointed for a 2-year term;</DELETED>
                                <DELETED>    (II) 1 member shall be 
                                appointed for a 3-year term; 
                                and</DELETED>
                                <DELETED>    (III) 1 member shall be 
                                appointed for a 4-year term;</DELETED>
                        <DELETED>as designated by the President at the 
                        time of the appointments.</DELETED>
                        <DELETED>    (ii) Of the 6 members elected by 
                        the class A stockholders--</DELETED>
                                <DELETED>    (I) 2 members shall each 
                                be elected for a 2-year term;</DELETED>
                                <DELETED>    (II) 2 members shall each 
                                be elected for a 3-year term; 
                                and</DELETED>
                                <DELETED>    (III) 2 members shall each 
                                be elected for a 4-year term.</DELETED>
                        <DELETED>    (iii) If class B stock is issued 
                        and 4 additional members are elected by the 
                        class B stockholders--</DELETED>
                                <DELETED>    (I) 1 member shall be 
                                elected for a 2-year term;</DELETED>
                                <DELETED>    (II) 1 member shall be 
                                elected for a 3-year term; 
                                and</DELETED>
                                <DELETED>    (III) 2 members shall each 
                                be elected for a 4-year term.</DELETED>
                <DELETED>    (C) Qualifications.--Each member appointed 
                by the President shall have expertise in 1 or more of 
                the following areas:</DELETED>
                        <DELETED>    (i) Native American housing and 
                        economic development matters.</DELETED>
                        <DELETED>    (ii) Financing in Native American 
                        communities.</DELETED>
                        <DELETED>    (iii) Native American governing 
                        bodies, legal infrastructure, and judicial 
                        systems.</DELETED>
                        <DELETED>    (iv) Restricted and trust land 
                        issues, economic development, and small 
                        consumer loans.</DELETED>
                <DELETED>    (D) Members of indian tribes.--Not less 
                than 2 of the members appointed by the President shall 
                be members of different, federally-recognized Indian 
                tribes enrolled in accordance with the applicable 
                requirements of the Indian tribes.</DELETED>
                <DELETED>    (E) Chairperson.--The Board shall select a 
                Chairperson from among the members of the Board, except 
                that the initial Chairperson shall be selected from 
                among the members of the initial Board who have been 
                appointed or elected to serve for a 4-year 
                term.</DELETED>
                <DELETED>    (F) Vacancies.--</DELETED>
                        <DELETED>    (i) Appointed members.--Any 
                        vacancy in the appointed membership of the 
                        Board shall be filled by appointment by the 
                        President, but only for the unexpired portion 
                        of the term.</DELETED>
                        <DELETED>    (ii) Elected members.--Any vacancy 
                        in the elected membership of the Board shall be 
                        filled by appointment by the Board, but only 
                        for the unexpired portion of the 
                        term.</DELETED>
                <DELETED>    (G) Transitions.--Any member of the Board 
                may continue to serve after the expiration of the term 
                for which the member was appointed or elected until a 
                qualified successor has been appointed or 
                elected.</DELETED>
<DELETED>    (b) Powers of the Corporation.--The Corporation--
</DELETED>
        <DELETED>    (1) shall adopt bylaws, consistent with this Act, 
        regulating, among other things, the manner in which--</DELETED>
                <DELETED>    (A) the business of the Corporation shall 
                be conducted;</DELETED>
                <DELETED>    (B) the elected members of the Board shall 
                be elected;</DELETED>
                <DELETED>    (C) the stock of the Corporation shall be 
                issued, held, and disposed of;</DELETED>
                <DELETED>    (D) the property of the Corporation shall 
                be disposed of; and</DELETED>
                <DELETED>    (E) the powers and privileges granted to 
                the Corporation by this Act and other law shall be 
                exercised;</DELETED>
        <DELETED>    (2) may make and execute contracts, agreements, 
        and commitments, including entering into a cooperative 
        agreement with the Secretary;</DELETED>
        <DELETED>    (3) may prescribe and impose fees and charges for 
        services provided by the Corporation;</DELETED>
        <DELETED>    (4) may, if a settlement, adjustment, compromise, 
        release, or waiver of a claim, demand, or right of, by, or 
        against the Corporation, is not adverse to the interests of the 
        United States--</DELETED>
                <DELETED>    (A) settle, adjust, and compromise on the 
                claim, demand, or right; and</DELETED>
                <DELETED>    (B) with or without consideration or 
                benefit to the Corporation, release or waive, in whole 
                or in part, in advance or otherwise, the claim, demand, 
                or right;</DELETED>
        <DELETED>    (5) may sue and be sued, complain and defend, in 
        any Federal, State, tribal, or other court;</DELETED>
        <DELETED>    (6) may acquire, take, hold, and own, manage, and 
        dispose of any property;</DELETED>
        <DELETED>    (7) may--</DELETED>
                <DELETED>    (A) determine the necessary expenditures 
                of the Corporation and the manner in which those 
                expenditures shall be incurred, allowed, and paid; 
                and</DELETED>
                <DELETED>    (B) appoint, employ, and fix and provide 
                for the compensation and benefits of such officers, 
                employees, attorneys, and agents as the Board 
                determines reasonable and not inconsistent with this 
                section;</DELETED>
        <DELETED>    (8) may incorporate a new corporation under State, 
        District of Columbia, or tribal law, as provided in this 
        Act;</DELETED>
        <DELETED>    (9) may adopt a plan of merger, as provided in 
        this Act;</DELETED>
        <DELETED>    (10) may consummate the merger of the Corporation 
        into the new corporation, as provided in this Act; 
        and</DELETED>
        <DELETED>    (11) may have succession until the designated 
        merger date or any earlier date on which the Corporation 
        surrenders the Federal charter of the Corporation.</DELETED>
<DELETED>    (c) Investment of Funds; Designation as Depositary, 
Custodian, or Agent.--</DELETED>
        <DELETED>    (1) Investment of funds.--Funds of the Corporation 
        that are not required to meet current operating expenses shall 
        be invested in--</DELETED>
                <DELETED>    (A) obligations of, or obligations 
                guaranteed by, the United States (or any agency of the 
                United States); or</DELETED>
                <DELETED>    (B) in obligations, participations, or 
                other instruments that are lawful investments for 
                fiduciary, trust, or public funds.</DELETED>
        <DELETED>    (2) Designation as depositary, custodian, or 
        agent.--Any Federal Reserve bank or Federal home loan bank, or 
        any bank as to which at the time of its designation by the 
        Corporation there is outstanding a designation by the Secretary 
        of the Treasury as a general or other depositary of public 
        money, may--</DELETED>
                <DELETED>    (A) be designated by the Corporation as a 
                depositary or custodian or as a fiscal or other agent 
                of the Corporation; and</DELETED>
                <DELETED>    (B) act as such a depositary, custodian, 
                or agent.</DELETED>
<DELETED>    (d) Actions By and Against the Corporation.--
Notwithstanding section 1349 of title 28, United States Code, or any 
other provision of law--</DELETED>
        <DELETED>    (1) the Corporation shall be deemed to be an 
        agency covered under sections 1345 and 1442 of title 28, United 
        States Code;</DELETED>
        <DELETED>    (2) any civil action to which the Corporation is a 
        party shall be deemed to arise under the laws of the United 
        States, and the appropriate district court of the United States 
        shall have original jurisdiction over any such action, without 
        regard to amount or value; and</DELETED>
        <DELETED>    (3) in any case in which all remedies have been 
        exhausted in accordance with the applicable ordinances of an 
        Indian tribe, in any civil or other action, case, or 
        controversy in a tribal court, State court, or in any court 
        other than a district court of the United States, to which the 
        Corporation is a party, may at any time before the commencement 
        of the civil action be removed by the Corporation, without the 
        giving of any bond or security and by following any procedure 
        for removal of causes in effect at the time of the removal--
        </DELETED>
                <DELETED>    (A) to the district court of the United 
                States for the district and division in which the 
                action is pending; or</DELETED>
                <DELETED>    (B) if there is no such district court, to 
                the United States District Court for the District of 
                Columbia.</DELETED>

<DELETED>SEC. 102. AUTHORIZED ASSISTANCE AND SERVICE 
              FUNCTIONS.</DELETED>

<DELETED>    The Corporation may--</DELETED>
        <DELETED>    (1) assist in the planning, establishment, and 
        organization of Native American financial 
        institutions;</DELETED>
        <DELETED>    (2) develop and provide financial expertise and 
        technical assistance to Native American financial institutions, 
        including methods of underwriting, securing, servicing, 
        packaging, and selling mortgage and small commercial and 
        consumer loans;</DELETED>
        <DELETED>    (3) develop and provide specialized technical 
        assistance on overcoming barriers to primary mortgage lending 
        on Native American land, including issues relating to--
        </DELETED>
                <DELETED>    (A) trust land;</DELETED>
                <DELETED>    (B) discrimination;</DELETED>
                <DELETED>    (C) high operating costs; and</DELETED>
                <DELETED>    (D) inapplicability of standard 
                underwriting criteria;</DELETED>
        <DELETED>    (4) provide mortgage underwriting assistance (but 
        not in originating loans) under contract to Native American 
        financial institutions;</DELETED>
        <DELETED>    (5) work with the Federal National Mortgage 
        Association, the Federal Home Loan Mortgage Corporation, and 
        other participants in the secondary market for home mortgage 
        instruments in identifying and eliminating barriers to the 
        purchase of Native American mortgage loans originated by Native 
        American financial institutions and other lenders in Native 
        American communities;</DELETED>
        <DELETED>    (6) obtain capital investments in the Corporation 
        from Indian tribes, Native American organizations, and other 
        entities;</DELETED>
        <DELETED>    (7) act as an information clearinghouse by 
        providing information on financial practices to Native American 
        financial institutions;</DELETED>
        <DELETED>    (8) monitor and report to Congress on the 
        performance of Native American financial institutions in 
        meeting the economic development and housing credit needs of 
        Native Americans; and</DELETED>
        <DELETED>    (9) provide any of the services described in this 
        section--</DELETED>
                <DELETED>    (A) directly; or</DELETED>
                <DELETED>    (B) under a contract authorizing another 
                national or regional Native American financial services 
                provider to assist the Corporation in carrying out the 
                purposes of this Act.</DELETED>

<DELETED>SEC. 103. NATIVE AMERICAN LENDING SERVICES GRANT.</DELETED>

<DELETED>    (a) Initial Grant Payment.--If the Secretary and the 
Corporation enter into a cooperative agreement for the Corporation to 
provide technical assistance and other services to Native American 
financial institutions, the agreement shall, to the extent that funds 
are available as provided in this Act, provide that the initial grant 
payment, anticipated to be $5,000,000, shall be made at the time at 
which all members of the initial Board have been appointed under this 
Act.</DELETED>
<DELETED>    (b) Payment of Grant Balance.--The payment of the 
remainder of the grant shall be made to the Corporation not later than 
1 year after the date on which the initial grant payment is made under 
subsection (a).</DELETED>

<DELETED>SEC. 104. AUDITS.</DELETED>

<DELETED>    (a) Independent Audits.--</DELETED>
        <DELETED>    (1) In general.--The Corporation shall have an 
        annual independent audit made of the financial statements of 
        the Corporation by an independent public accountant in 
        accordance with generally accepted auditing 
        standards.</DELETED>
        <DELETED>    (2) Determinations.--In conducting an audit under 
        this subsection, the independent public accountant shall 
        determine and submit to the Secretary a report on whether the 
        financial statements of the Corporation--</DELETED>
                <DELETED>    (A) are presented fairly in accordance 
                with generally accepted accounting principles; 
                and</DELETED>
                <DELETED>    (B) to the extent determined necessary by 
                the Secretary, comply with any disclosure requirements 
                imposed under section 301.</DELETED>
<DELETED>    (b) GAO Audits.--</DELETED>
        <DELETED>    (1) In general.--Beginning on the date that is 2 
        years after the date of commencement of operation of the 
        Corporation, unless an earlier date is required by any other 
        law, grant, or agreement, the programs, activities, receipts, 
        expenditures, and financial transactions of the Corporation 
        shall be subject to audit by the Comptroller General of the 
        United States under such rules and regulations as may be 
        prescribed by the Comptroller General.</DELETED>
        <DELETED>    (2) Access.--To carry out this subsection, the 
        representatives of the General Accounting Office shall--
        </DELETED>
                <DELETED>    (A) have access to all books, accounts, 
                financial records, reports, files, and all other 
                papers, things, or property belonging to or in use by 
                the Corporation that are necessary to facilitate the 
                audit;</DELETED>
                <DELETED>    (B) be afforded full facilities for 
                verifying transactions with the balances or securities 
                held by depositaries, fiscal agents, and custodians; 
                and</DELETED>
                <DELETED>    (C) have access, on request to the 
                Corporation or any auditor for an audit of the 
                Corporation under subsection (a), to any books, 
                accounts, financial records, reports, files, or other 
                papers, or property belonging to or in use by the 
                Corporation and used in any such audit and to any 
                papers, records, files, and reports of the auditor used 
                in such an audit.</DELETED>
        <DELETED>    (3) Reports.--The Comptroller General of the 
        United States shall submit to Congress a report on each audit 
        conducted under this subsection.</DELETED>
        <DELETED>    (4) Reimbursement.--The Corporation shall 
        reimburse the General Accounting Office for the full cost of 
        any audit conducted under this subsection.</DELETED>

<DELETED>SEC. 105. ANNUAL HOUSING AND ECONOMIC DEVELOPMENT 
              REPORTS.</DELETED>

<DELETED>    Not later than 1 year after the date of enactment of this 
Act, and annually thereafter, the Corporation shall collect, maintain, 
and provide to the Secretary, in a form determined by the Secretary, 
such data as the Secretary determines to be appropriate with respect to 
the activities of the Corporation relating to economic 
development.</DELETED>

<DELETED>SEC. 106. ADVISORY COUNCIL.</DELETED>

<DELETED>    (a) Establishment.--The Board shall establish an Advisory 
Council in accordance with this section.</DELETED>
<DELETED>    (b) Membership.--</DELETED>
        <DELETED>    (1) In general.--The Council shall consist of 13 
        members, who shall be appointed by the Board, including--
        </DELETED>
                <DELETED>    (A) 1 representative from each of the 12 
                districts established by the Bureau of Indian Affairs; 
                and</DELETED>
                <DELETED>    (B) 1 representative from the State of 
                Hawaii.</DELETED>
        <DELETED>    (2) Qualifications.--Of the members of the 
        Council--</DELETED>
                <DELETED>    (A) not less than 6 members shall have 
                expertise in financial matters; and</DELETED>
                <DELETED>    (B) not less than 9 members shall be 
                Native Americans.</DELETED>
        <DELETED>    (3) Terms.--Each member of the Council shall be 
        appointed for a 4-year term, except that the initial Council 
        shall be appointed, as designated by the Board at the time of 
        appointment, as follows:</DELETED>
                <DELETED>    (A) Each of 4 members shall be appointed 
                for a 2-year term.</DELETED>
                <DELETED>    (B) Each of 4 members shall be appointed 
                for a 3-year term.</DELETED>
                <DELETED>    (C) Each of 5 members shall be appointed 
                for a 4-year term.</DELETED>
<DELETED>    (c) Duties.--The Council shall--</DELETED>
        <DELETED>    (1) advise the Board on all policy matters of the 
        Corporation; and</DELETED>
        <DELETED>    (2) through the regional representation of members 
        of the Council, provide information to the Board from all 
        sectors of the Native American community.</DELETED>

       <DELETED>TITLE II--CAPITALIZATION OF CORPORATION</DELETED>

<DELETED>SEC. 201. CAPITALIZATION OF THE CORPORATION.</DELETED>

<DELETED>    (a) Class A Stock.--The class A stock of the Corporation 
shall--</DELETED>
        <DELETED>    (1) be issued only to Indian tribes and the 
        Department of Hawaiian Home Lands;</DELETED>
        <DELETED>    (2) be allocated--</DELETED>
                <DELETED>    (A) with respect to Indian tribes, on the 
                basis of Indian tribe population, as determined by the 
                Secretary in consultation with the Secretary of the 
                Interior, in such manner as to issue 1 share for each 
                member of an Indian tribe; and</DELETED>
                <DELETED>    (B) with respect to the Department of 
                Hawaiian Home Lands, on the basis of the number of 
                current leases at the time of allocation;</DELETED>
        <DELETED>    (3) have such par value and other characteristics 
        as the Corporation shall provide;</DELETED>
        <DELETED>    (4) be issued in such a manner as to ensure that 
        voting rights may be vested only on purchase of those rights 
        from the Corporation by an Indian tribe or the Department of 
        Hawaiian Home Lands, with each share being entitled to 1 vote; 
        and</DELETED>
        <DELETED>    (5) be nontransferable.</DELETED>
<DELETED>    (b) Class B Stock.--</DELETED>
        <DELETED>    (1) In general.--The Corporation may issue class B 
        stock evidencing capital contributions in the manner and 
        amount, and subject to any limitations on concentration of 
        ownership, as may be established by the Corporation.</DELETED>
        <DELETED>    (2) Characteristics.--Any class B stock issued 
        under paragraph (1) shall--</DELETED>
                <DELETED>    (A) be available for purchase by 
                investors;</DELETED>
                <DELETED>    (B) be entitled to such dividends as may 
                be declared by the Board in accordance with subsection 
                (c);</DELETED>
                <DELETED>    (C) have such par value and other 
                characteristics as the Corporation shall 
                provide;</DELETED>
                <DELETED>    (D) be vested with voting rights, with 
                each share being entitled to 1 vote; and</DELETED>
                <DELETED>    (E) be transferable only on the books of 
                the Corporation.</DELETED>
<DELETED>    (c) Charges and Fees; Earnings.--</DELETED>
        <DELETED>    (1) Charges and fees.--The Corporation may impose 
        charges or fees, which may be regarded as elements of pricing, 
        with the objectives that--</DELETED>
                <DELETED>    (A) all costs and expenses of the 
                operations of the Corporation should be within the 
                income of the Corporation derived from such operations; 
                and</DELETED>
                <DELETED>    (B) those operations would be fully self-
                supporting.</DELETED>
        <DELETED>    (2) Earnings.--</DELETED>
                <DELETED>    (A) In general.--All earnings from the 
                operations of the Corporation shall be annually 
                transferred to the general surplus account of the 
                Corporation.</DELETED>
                <DELETED>    (B) Transfer of general surplus funds.--At 
                any time, funds in the general surplus account may, in 
                the discretion of the Board, be transferred to the 
                reserves of the Corporation.</DELETED>
<DELETED>    (d) Capital Distributions.--</DELETED>
        <DELETED>    (1) Distributions.--</DELETED>
                <DELETED>    (A) In general.--Except as provided in 
                paragraph (2), the Corporation may make such capital 
                distributions as may be declared by the 
                Board.</DELETED>
                <DELETED>    (B) Charging of distributions.--All 
                capital distributions under subparagraph (A) shall be 
                charged against the general surplus account of the 
                Corporation.</DELETED>
        <DELETED>    (2) Restriction.--The Corporation may not make any 
        capital distribution that would decrease the total capital of 
        the Corporation to an amount less than the capital level for 
        the Corporation established under section 301, without prior 
        written approval of the distribution by the 
        Secretary.</DELETED>

   <DELETED>TITLE III--REGULATION, EXAMINATION, AND REPORTS</DELETED>

<DELETED>SEC. 301. REGULATION, EXAMINATION, AND REPORTS.</DELETED>

<DELETED>    (a) In General.--The Corporation shall be subject to the 
regulatory authority of the Department of Housing and Urban Development 
with respect to all matters relating to the financial safety and 
soundness of the Corporation.</DELETED>
<DELETED>    (b) Duty of Secretary.--The Secretary shall ensure that 
the Corporation is adequately capitalized and operating safely as a 
congressionally chartered body corporate.</DELETED>
<DELETED>    (c) Reports to Secretary.--</DELETED>
        <DELETED>    (1) Annual reports.--On such date as the Secretary 
        shall require, but not later than 1 year after the date of 
        enactment of this Act, and annually thereafter, the Corporation 
        shall submit to the Secretary a report in such form and 
        containing such information with respect to the financial 
        condition and operations of the Corporation as the Secretary 
        shall require.</DELETED>
        <DELETED>    (2) Contents of reports.--Each report submitted 
        under this subsection shall contain a declaration by the 
        president, vice president, treasurer, or any other officer of 
        the Corporation designated by the Board to make the 
declaration, that the report is true and correct to the best of the 
knowledge and belief of that officer.</DELETED>

<DELETED>SEC. 302. AUTHORITY OF THE SECRETARY OF HOUSING AND URBAN 
              DEVELOPMENT.</DELETED>

<DELETED>    The Secretary shall--</DELETED>
        <DELETED>    (1) have general regulatory power over the 
        Corporation; and</DELETED>
        <DELETED>    (2) promulgate such rules and regulations 
        applicable to the Corporation as the Secretary determines to be 
        appropriate to ensure that the purposes specified in section 3 
        are accomplished.</DELETED>

       <DELETED>TITLE IV--FORMATION OF NEW CORPORATION</DELETED>

<DELETED>SEC. 401. FORMATION OF NEW CORPORATION.</DELETED>

<DELETED>    (a) In General.--In order to continue the accomplishment 
of the purposes specified in section 3 beyond the terms of the charter 
of the Corporation, the Board shall, not later than 10 years after the 
date of enactment of this Act, cause the formation of a new corporation 
under the laws of any tribe, any State, or the District of 
Columbia.</DELETED>
<DELETED>    (b) Powers of New Corporation Not Prescribed.--Except as 
provided in this section, the new corporation may have such corporate 
powers and attributes permitted under the laws of the jurisdiction of 
in which the new corporation is incorporated as the Board determines to 
be appropriate.</DELETED>
<DELETED>    (c) Use of Name Prohibited.--The new corporation may not 
use in any manner the names ``Native American Capital Development 
Corporation'' or ``NACDCO'', or any variation of those names.</DELETED>

<DELETED>SEC. 402. ADOPTION AND APPROVAL OF MERGER PLAN.</DELETED>

<DELETED>    (a) In General.--Not later than 10 years after the date of 
enactment of this Act, after consultation with the Indian tribes that 
are stockholders of class A stock referred to in section 201(a), the 
Board shall prepare, adopt, and submit to the Secretary for approval, a 
plan for merging the Corporation into the new corporation.</DELETED>
<DELETED>    (b) Designated Merger Date.--</DELETED>
        <DELETED>    (1) In general.--The Board shall establish the 
        designated merger date in the merger plan as a specific 
        calendar date on which, and time of day at which, the merger of 
        the Corporation into the new corporation shall take 
        effect.</DELETED>
        <DELETED>    (2) Changes.--The Board may change the designated 
        merger date in the merger plan by adopting an amended plan of 
        merger.</DELETED>
        <DELETED>    (3) Restriction.--Except as provided in paragraph 
        (4), the designated merger date in the merger plan or any 
        amended merger plan shall not be later than 11 years after the 
        date of enactment of this Act.</DELETED>
        <DELETED>    (4) Exception.--Subject to the restriction 
        contained in paragraph (5), the Board may adopt an amended plan 
        of merger that designates a date under paragraph (3) that is 
        later than 11 years after the date of enactment of this Act if 
        the Board submits to the Secretary a report--</DELETED>
                <DELETED>    (A) stating that an orderly merger of the 
                Corporation into the new corporation is not feasible 
                before the latest date designated by the 
                Board;</DELETED>
                <DELETED>    (B) explaining why an orderly merger of 
                the Corporation into the new corporation is not 
                feasible before the latest date designated by the 
                Board;</DELETED>
                <DELETED>    (C) describing the steps that have been 
                taken to consummate an orderly merger of the 
                Corporation into the new corporation not later than 11 
                years after the date of enactment of this Act; 
                and</DELETED>
                <DELETED>    (D) describing the steps that will be 
                taken to consummate an orderly and timely merger of the 
                Corporation into the new corporation.</DELETED>
        <DELETED>    (5) Limitation.--The date designated by the Board 
        in an amended merger plan shall not be later than 12 years 
        after the date of enactment of this Act.</DELETED>
        <DELETED>    (6) Consummation of merger.--The consummation of 
        an orderly and timely merger of the Corporation into the new 
        corporation shall not occur later than 13 years after the date 
        of enactment of this Act.</DELETED>
<DELETED>    (c) Governmental Approvals of Merger Plan Required.--The 
merger plan or any amended merger plan shall take effect on the date on 
which the plan is approved by the Secretary.</DELETED>
<DELETED>    (d) Revision of Disapproved Merger Plan Required.--If the 
Secretary disapproves the merger plan or any amended merger plan--
</DELETED>
        <DELETED>    (1) the Secretary shall--</DELETED>
                <DELETED>    (A) notify the Corporation of the 
                disapproval; and</DELETED>
                <DELETED>    (B) indicate the reasons for the 
                disapproval; and</DELETED>
        <DELETED>    (2) not later than 30 days after the date of 
        notification of disapproval under paragraph (1), the 
        Corporation shall submit to the Secretary for approval, an 
        amended merger plan that responds to the reasons for the 
        disapproval indicated in that notification.</DELETED>
<DELETED>    (e) No Stockholder Approval of Merger Plan Required.--The 
approval or consent of the stockholders of the Corporation shall not be 
required to accomplish the merger of the Corporation into the new 
corporation.</DELETED>

<DELETED>SEC. 403. CONSUMMATION OF MERGER.</DELETED>

<DELETED>    The Board shall ensure that the merger of the Corporation 
into the new corporation is accomplished in accordance with--</DELETED>
        <DELETED>    (1) a merger plan approved by the Secretary under 
        section 402; and</DELETED>
        <DELETED>    (2) all applicable laws of the jurisdiction in 
        which the new corporation is incorporated.</DELETED>

<DELETED>SEC. 404. TRANSITION.</DELETED>

<DELETED>    Except as provided in this section, the Corporation shall, 
during the transition period, continue to have all of the rights, 
privileges, duties, and obligations, and shall be subject to all of the 
limitations and restrictions, set forth in this Act.</DELETED>

<DELETED>SEC. 405. EFFECT OF MERGER.</DELETED>

<DELETED>    (a) Transfer of Assets and Liabilities.--On the designated 
merger date--</DELETED>
        <DELETED>    (1) all real, personal, and mixed property, all 
        debts due on any account, and any other interest, of or 
belonging to or due to the Corporation, shall be transferred to and 
vested in the new corporation without further act or deed; 
and</DELETED>
        <DELETED>    (2) no title to any real, personal, or mixed 
        property shall be impaired in any way by reason of the 
        merger.</DELETED>
<DELETED>    (b) Termination of the Corporation and Federal Charter.--
On the designated merger date--</DELETED>
        <DELETED>    (1) the surviving corporation of the merger shall 
        be the new corporation;</DELETED>
        <DELETED>    (2) the Federal charter of the Corporation shall 
        terminate; and</DELETED>
        <DELETED>    (3) the separate existence of the Corporation 
        shall terminate.</DELETED>
<DELETED>    (c) References to the Corporation in Law.--After the 
designated merger date, any reference to the Corporation in any law or 
regulation shall be deemed to refer to the new corporation.</DELETED>
<DELETED>    (d) Savings Clause.--</DELETED>
        <DELETED>    (1) Proceedings.--The merger of the Corporation 
        into the new corporation shall not abate any proceeding 
        commenced by or against the Corporation before the designated 
        merger date, except that the new corporation shall be 
        substituted for the Corporation as a party to any such 
        proceeding as of the designated merger date.</DELETED>
        <DELETED>    (2) Contracts and agreements.--All contracts and 
        agreements to which the Corporation is a party and which are in 
        effect on the day before the designated merger date shall 
        continue in effect according to their terms, except that the 
        new corporation shall be substituted for the Corporation as a 
        party to those contracts and agreements as of the designated 
        merger date.</DELETED>

        <DELETED>TITLE V--OTHER NATIVE AMERICAN FUNDS</DELETED>

<DELETED>SEC. 501. NATIVE AMERICAN ECONOMIES DIAGNOSTIC STUDIES 
              FUND.</DELETED>

<DELETED>    (a) Establishment.--There is established within the 
Corporation a fund to be known as the ``Native American Economies 
Diagnostic Studies Fund'' (referred to in this section as the 
``Diagnostic Fund''), to be used to strengthen Indian tribal economies 
by supporting investment policy reforms and technical assistance to 
eligible Indian tribes, consisting of--</DELETED>
        <DELETED>    (1) any interest earned on investment of amounts 
        in the Fund under subsection (d); and</DELETED>
        <DELETED>    (2) such amounts as are appropriated to the 
        Diagnostic Fund under subsection (f).</DELETED>
<DELETED>    (b) Use of Amounts From Diagnostic Fund.--</DELETED>
        <DELETED>    (1) In general.--The Corporation shall use amounts 
        in the Diagnostic Fund to establish an interdisciplinary 
        mechanism by which the Corporation and interested Indian tribes 
        may jointly--</DELETED>
                <DELETED>    (A) conduct diagnostic studies of Native 
                economic conditions; and</DELETED>
                <DELETED>    (B) provide recommendations for reforms in 
                the policy, legal, regulatory, and investment areas and 
                general economic environment of the interested Indian 
                tribes.</DELETED>
        <DELETED>    (2) Conditions for studies.--A diagnostic study 
        conducted jointly by the Corporation and an Indian tribe under 
        paragraph (1)--</DELETED>
                <DELETED>    (A) shall be conducted in accordance with 
                an agreement between the Corporation and the Indian 
                tribe; and</DELETED>
                <DELETED>    (B) at a minimum, shall identify 
                inhibitors to greater levels of private sector 
                investment and job creation with respect to the Indian 
                tribe.</DELETED>
<DELETED>    (c) Expenditures From Diagnostic Fund.--</DELETED>
        <DELETED>    (1) In general.--Subject to paragraph (2), on 
        request by the Corporation, the Secretary of the Treasury shall 
        transfer from the Diagnostic Fund to the Corporation such 
        amounts as the Corporation determines are necessary to carry 
        out this section.</DELETED>
        <DELETED>    (2) Administrative expenses.--An amount not 
        exceeding 12 percent of the amounts in the Diagnostic Fund 
        shall be available in each fiscal year to pay the 
        administrative expenses necessary to carry out this 
        section.</DELETED>
<DELETED>    (d) Investment of Amounts.--</DELETED>
        <DELETED>    (1) In general.--The Secretary of the Treasury 
        shall invest such portion of the Diagnostic Fund as is not, in 
        the judgment of the Secretary of the Treasury, required to meet 
        current withdrawals. Investments may be made only in interest-
        bearing obligations of the United States.</DELETED>
        <DELETED>    (2) Acquisition of obligations.--For the purpose 
        of investments under paragraph (1), obligations may be 
        acquired--</DELETED>
                <DELETED>    (A) on original issue at the issue price; 
                or</DELETED>
                <DELETED>    (B) by purchase of outstanding obligations 
                at the market price.</DELETED>
        <DELETED>    (3) Sale of obligations.--Any obligation acquired 
        by the Diagnostic Fund may be sold by the Secretary of the 
        Treasury at the market price.</DELETED>
        <DELETED>    (4) Credits to fund.--The interest on, and the 
        proceeds from the sale or redemption of, any obligations held 
        in the Diagnostic Fund shall be credited to and form a part of 
        the Diagnostic Fund.</DELETED>
<DELETED>    (e) Transfers of Amounts.--</DELETED>
        <DELETED>    (1) In general.--The amounts required to be 
        transferred to the Diagnostic Fund under this section shall be 
        transferred at least monthly from the general fund of the 
        Treasury to the Diagnostic Fund on the basis of estimates made 
        by the Secretary of the Treasury.</DELETED>
        <DELETED>    (2) Adjustments.--Proper adjustment shall be made 
        in amounts subsequently transferred to the extent prior 
        estimates were in excess of or less than the amounts required 
        to be transferred.</DELETED>
<DELETED>    (f) Transfers to Diagnostic Fund.--There are appropriated 
to the Diagnostic Fund, out of funds made available under section 603, 
such sums as are necessary to carry out this section.</DELETED>

<DELETED>SEC. 502. NATIVE AMERICAN ECONOMIC INCUBATION CENTER 
              FUND.</DELETED>

<DELETED>    (a) Establishment.--There is established within the 
Corporation a fund to be known as the ``Native American Economic 
Incubation Center Fund'' (referred to in this section as the ``Economic 
Fund''), consisting of--</DELETED>
        <DELETED>    (1) any interest earned on investment of amounts 
        in the Economic Fund under subsection (d); and</DELETED>
        <DELETED>    (2) such amounts as are appropriated to the 
        Economic Fund under subsection (f).</DELETED>
<DELETED>    (b) Use of Amounts From Economic Fund.--</DELETED>
        <DELETED>    (1) In general.--The Corporation shall use amounts 
        in the Economic Fund to ensure that Federal development 
        assistance and other resources dedicated to Native American 
        economic development are provided only to Native American 
        communities with demonstrated commitments to--</DELETED>
                <DELETED>    (A) sound economic and political 
                policies;</DELETED>
                <DELETED>    (B) good governance; and</DELETED>
                <DELETED>    (C) practices that promote increased 
                levels of economic growth and job creation.</DELETED>
<DELETED>    (c) Expenditures From Economic Fund.--</DELETED>
        <DELETED>    (1) In general.--Subject to paragraph (2), on 
        request by the Corporation, the Secretary of the Treasury shall 
        transfer from the Economic Fund to the Corporation such amounts 
        as the Corporation determines are necessary to carry out this 
        section.</DELETED>
        <DELETED>    (2) Administrative expenses.--An amount not 
        exceeding 12 percent of the amounts in the Economic Fund shall 
        be available in each fiscal year to pay the administrative 
        expenses necessary to carry out this section.</DELETED>
<DELETED>    (d) Investment of Amounts.--</DELETED>
        <DELETED>    (1) In general.--The Secretary of the Treasury 
        shall invest such portion of the Economic Fund as is not, in 
        the judgment of the Secretary of the Treasury, required to meet 
        current withdrawals. Investments may be made only in interest-
        bearing obligations of the United States.</DELETED>
        <DELETED>    (2) Acquisition of obligations.--For the purpose 
        of investments under paragraph (1), obligations may be 
        acquired--</DELETED>
                <DELETED>    (A) on original issue at the issue price; 
                or</DELETED>
                <DELETED>    (B) by purchase of outstanding obligations 
                at the market price.</DELETED>
        <DELETED>    (3) Sale of obligations.--Any obligation acquired 
        by the Economic Fund may be sold by the Secretary of the 
        Treasury at the market price.</DELETED>
        <DELETED>    (4) Credits to fund.--The interest on, and the 
        proceeds from the sale or redemption of, any obligations held 
        in the Economic Fund shall be credited to and form a part of 
        the Economic Fund.</DELETED>
<DELETED>    (e) Transfers of Amounts.--</DELETED>
        <DELETED>    (1) In general.--The amounts required to be 
        transferred to the Economic Fund under this section shall be 
        transferred at least monthly from the general fund of the 
        Treasury to the Economic Fund on the basis of estimates made by 
        the Secretary of the Treasury.</DELETED>
        <DELETED>    (2) Adjustments.--Proper adjustment shall be made 
        in amounts subsequently transferred to the extent prior 
        estimates were in excess of or less than the amounts required 
        to be transferred.</DELETED>
<DELETED>    (f) Transfers to Economic Fund.--There are appropriated to 
the Economic Fund, out of funds made available under section 603, such 
sums as are necessary to carry out this section.</DELETED>

     <DELETED>TITLE VI--AUTHORIZATIONS OF APPROPRIATIONS</DELETED>

<DELETED>SEC. 601. NATIVE AMERICAN FINANCIAL INSTITUTIONS.</DELETED>

<DELETED>    (a) In General.--There are authorized to be appropriated 
to the Fund, without fiscal year limitation, such sums as are necessary 
to provide financial assistance to Native American financial 
institutions.</DELETED>
<DELETED>    (b) No Consideration as Matching Funds.--To the extent 
that a Native American financial institution receives funds under 
subsection (a), the funds shall not be considered to be matching funds 
required under section 108(e) of the Riegle Community Development and 
Regulatory Improvement Act of 1994 (12 U.S.C. 4707(e)).</DELETED>

<DELETED>SEC. 602. CORPORATION.</DELETED>

<DELETED>    There are authorized to be appropriated to the Secretary, 
for transfer to the Corporation, such sums as are necessary to carry 
out activities of the Corporation.</DELETED>

<DELETED>SEC. 603. OTHER NATIVE AMERICAN FUNDS.</DELETED>

<DELETED>    There are authorized to be appropriated such sums as are 
necessary to carry out sections 501 and 502.</DELETED>

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Indian Tribal Development 
Corporation Feasibility Study Act of 2004''.

SEC. 2. FEASIBILITY STUDY.

    Section 4(b) of the Native American Business Development, Trade 
Promotion, and Tourism Act of 2000 (25 U.S.C. 4303(b)) is amended--
            (1) by redesignating paragraph (6) as paragraph (7); and
            (2) by inserting after paragraph (5) the following:
            ``(6) Tribal development corporation feasibility study.--
                    ``(A) In general.--The Secretary shall establish 
                the Tribal Development Corporation Feasibility Study 
                Group (referred to in this paragraph as the `Group').
                    ``(B) Members.--The Group shall be comprised of 12 
                members, as follows:
                            ``(i) Representatives of indian tribes.--
                        Five members of the Group shall be 
                        representatives of federally recognized Indian 
                        tribes.
                            ``(ii) Representatives of the alaska native 
                        community.--Three members of the Group shall be 
                        representatives of the Alaska Native Community.
                            ``(iii) Representative of the native 
                        hawaiian community.--One member of the Group 
                        shall be a representative of the Native 
                        Hawaiian Community.
                            ``(iv) Representative of the private 
                        sector.--Two members of the Group shall be 
                        representatives of nongovernmental economic 
                        activities carried out by private enterprises 
                        in the private sector.
                            ``(v) Federal officials.--One member of the 
                        Group shall be a representative of the 
                        Department of the Treasury with demonstrated 
                        experience in international economic 
                        development and international financial 
                        institutions.
                    ``(C) Chairperson.--The members of the Group shall 
                select a Chairperson.
                    ``(D) Personnel and services.--
                            ``(i) In general.--The Chairperson of the 
                        Group may appoint and terminate such personnel 
                        as are necessary to enable the Group to perform 
                        its duties.
                            ``(ii) Procurement of services.--The 
                        Chairperson may procure such services as are 
                        necessary to enable the Group to perform the 
                        duties of the Group.
                    ``(E) Study.--
                            ``(i) In general.--Not later than 270 days 
                        after the date of enactment of this 
                        subparagraph, the Group shall--
                                    ``(I) conduct a study to determine 
                                the feasibility of establishing an 
                                Indian Tribal Development Corporation 
                                (referred to in this subparagraph as 
                                the `Corporation'); and
                                    ``(II) submit to the Committee on 
                                Indian Affairs and the Committee on 
                                Appropriations of the Senate and the 
                                Committee on Resources and the 
                                Committee on Appropriations of the 
                                House of Representatives a report that 
                                describes the results of the study and 
                                any recommendations of the Group for 
                                further legislative action.
                            ``(ii) Contents.--The report shall 
                        contain--
                                    ``(I) a discussion and 
                                determination of the financial 
                                feasibility of the Corporation, 
                                including whether the Corporation can 
                                be, over the long term, financially 
                                self-sustainable;
                                    ``(II) a discussion and 
                                determination of the probable economic 
                                impact of the Corporation, including a 
                                demonstration of the quantitative and 
                                qualitative economic impact on Native 
                                American communities;
                                    ``(III) a discussion and 
                                determination of the best alternatives 
                                in the structure, organization, and 
                                lending terms and conditions of the 
                                Corportation, including the most 
                                appropriate structure of capital 
                                contributions to best serve, and be 
                                acceptable to, Native interests;
                                    ``(IV) a discussion and 
                                determination of the basic terms and 
                                conditions under which funding would be 
                                provided to member Indian tribes;
                                    ``(V) a discussion of nonfinancial 
                                and advisory activities to be 
                                undertaken by the Corporation, 
                                including the use of diagnostic studies 
                                by the Corporation to--
                                            ``(aa) identify tribal, 
                                        Federal, or State policies and 
                                        legal and regulatory conditions 
                                        and infrastructure deficiencies 
                                        that impede investment, both 
                                        private and public, needed to 
                                        promote economic development;
                                            ``(bb) provide specific 
                                        recommendations for remedial 
                                        actions that can be undertaken 
                                        by an Indian tribe to overcome 
                                        such inhibitors of investment; 
                                        and
                                            ``(cc) identify and 
                                        establish the terms for pre-
                                        appraisal studies of investment 
                                        opportunities, both private and 
                                        public, that can be developed 
                                        and promoted by an Indian 
                                        tribe; and
                                    ``(VI) a discussion and 
                                determination of--
                                            ``(aa) the capital 
                                        structure of the Corporation, 
                                        including the optimal level of 
                                        initial capital contributions 
                                        by both Indian tribes and the 
                                        United States Government; and
                                            ``(bb) the financial 
                                        instruments that will be 
                                        required by the Corporation to 
                                        ensure its success.
                    ``(F) Termination of study group.--The Group shall 
                terminate 120 days after the date on which the Group 
                submits the report under subparagraph (E).
                    ``(G) Authorization of appropriations.--There are 
                authorized to be appropriated to carry out this 
                paragraph--
                            ``(i) $3,000,000 for fiscal year 2005; and
                            ``(ii) $2,000,000 for fiscal year 2006.''.
            Amend the title so as to read: ``A bill to determine the 
        feasibility of establishing an Indian Tribal Development 
        Corporation.''.




                                                       Calendar No. 795

108th CONGRESS

  2d Session

                                 S. 519

                          [Report No. 108-404]

_______________________________________________________________________

                                 A BILL

   To establish a Native American-owned financial entity to provide 
financial services to Indian tribes, Native American organizations, and 
               Native Americans, and for other purposes.

_______________________________________________________________________

                           November 10, 2004

        Reported with an amendment and an amendment to the title