[Congressional Record (Bound Edition), Volume 152 (2006), Part 18]
[Senate]
[Pages 23058-23059]
[From the U.S. Government Publishing Office, www.gpo.gov]




   AMENDING THE CHEYENNE RIVER SIOUX TRIBE EQUITABLE COMPENSATION ACT

  Mr. DeWINE. Mr. President, I ask unanimous consent that the Senate 
proceed to the immediate consideration of calendar No. 623, S. 1535.
  The PRESIDING OFFICER. The clerk will report the bill by title.
  The legislative clerk read as follows:

       A bill (S. 1535) to amend the Cheyenne River Sioux Tribe 
     Equitable Compensation Amendments Act to provide compensation 
     to members of the Cheyenne River Sioux Tribe for damage 
     resulting from the Oahe Dam and Reservoir Project, and for 
     other purposes.

  There being no objection, the Senate proceeded to consider the bill 
which had been reported from the Committee on Indian Affairs, with an 
amendment to strike all after the enacting clause and insert in lieu 
thereof the following:

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Cheyenne River Sioux Tribe 
     Equitable Compensation Amendments Act of 2006''.

     SEC. 2. FINDINGS.

       (a) Findings.--Congress finds that--
       (1) the Pick-Sloan Missouri River Basin program, authorized 
     by section 9 of the Act of December 22, 1944 (commonly known 
     as the ``Flood Control Act of 1944'') (58 Stat. 891), was 
     intended to promote the general economic development of the 
     United States;
       (2) the Oahe Dam and Reservoir Project--
       (A) is a major component of the Pick-Sloan Missouri River 
     Basin program; and
       (B) contributes to the national economy;
       (3) the Oahe Dam and Reservoir Project flooded the fertile 
     bottom land of the Cheyenne River Sioux Reservation, which 
     greatly damaged the economy and cultural resources of the 
     Cheyenne River Sioux Tribe and caused the loss of many homes 
     and communities of members of the Tribe;
       (4) Congress has provided compensation to several Indian 
     tribes, including the Cheyenne River Sioux Tribe, that border 
     the Missouri River and suffered injury as a result of 1 or 
     more of the Pick-Sloan projects;
       (5) on determining that the compensation paid to the 
     Cheyenne River Sioux Tribe was inadequate, Congress enacted 
     the Cheyenne River Sioux Tribe Equitable Compensation Act 
     (Public Law 106-511; 114 Stat. 2365), which created the 
     Cheyenne River Sioux Tribal Recovery Trust Fund; and
       (6) that Act did not provide for additional compensation to 
     members of the Cheyenne River Sioux Tribe that lost land as a 
     result of the Oahe Dam and Reservoir Project.
       (b) Purposes.--The purposes of this Act are--
       (1) to provide that the Cheyenne River Sioux Tribal 
     Recovery Trust Fund may be used to provide compensation to 
     members of the Cheyenne River Sioux Tribe that lost land as a 
     result of the Oahe Dam and Reservoir Project; and
       (2) to provide for the capitalization of the Cheyenne River 
     Sioux Tribal Recovery Trust Fund.

     SEC. 3. CHEYENNE RIVER SIOUX TRIBE EQUITABLE COMPENSATION.

       (a) Findings and Purposes.--Section 102 of the Cheyenne 
     River Sioux Tribe Equitable Compensation Act (Public Law 106-
     511; 114 Stat. 2365) is amended--
       (1) in subsection (a)(3), by striking subparagraphs (A) and 
     (B) and inserting the following:
       ``(A) the United States did not justly or fairly compensate 
     the Tribe and member landowners for the Oahe Dam and 
     Reservation project, under which the United States acquired 
     104,492 acres of land of the Tribe and member landowners; and
       ``(B) the Tribe and member landowners should be adequately 
     compensated for that land;''; and
       (2) in subsection (b)(1), by inserting ``and member 
     landowners'' after ``Tribe'' each place it appears.
       (b) Definitions.--Section 103 of the Cheyenne River Sioux 
     Tribe Equitable Compensation Act (Public Law 106-511; 114 
     Stat. 2365) is amended--
       (1) by redesignating paragraph (1) as paragraph (3) and 
     moving the paragraph so as to appear after paragraph (2); and
       (2) by inserting before paragraph (2) the following:
       ``(1) Member landowner.--The term `member landowner' means 
     a member of the Tribe (or an heir of such a member) that 
     owned land (including land allotted under the Act of February 
     8, 1887 (24 Stat. 388, chapter 119)) located on the Cheyenne 
     River Sioux Reservation that was acquired by the United 
     States for the Oahe Dam and Reservoir Project.''.
       (c) Cheyenne River Sioux Tribal Recovery Trust Fund.--
     Section 104 of the Cheyenne River Sioux Tribe Equitable 
     Compensation Act (Public Law 106-511; 114 Stat. 2365) is 
     amended--
       (1) by striking subsection (b) and inserting the following:
       ``(b) Funding.--On the first day of the fiscal year 
     beginning after the date of enactment of the Cheyenne River 
     Sioux Tribe Equitable Compensation Amendments Act of 2006 and 
     on the first day of each of the following 4 fiscal years 
     (referred to in this section as the `capitalization dates'), 
     the Secretary of the Treasury shall deposit into the Fund, 
     from amounts in the general fund of the Treasury--
       ``(1) $58,144,591.60; and
       ``(2) an additional amount equal to the amount of interest 
     that would have accrued if--
       ``(A) the amount described in paragraph (1) had been--
       ``(i) credited to the principal account as described in 
     subsection (c)(2)(B)(i)(I) on the first day of the fiscal 
     year beginning October 1, 2001; and
       ``(ii) invested as described in subsection (c)(2)(C) during 
     the period beginning on the date described in clause (i) and 
     ending on the last day of the fiscal year before the fiscal 
     year in which that amount is deposited into the Fund; and
       ``(B) the interest that would have accrued under 
     subparagraph (A) during the period described in subparagraph 
     (A)(ii) had been--
       ``(i) credited to the interest account under subsection 
     (c)(2)(B)(ii); and
       ``(ii) invested during that period in accordance with 
     subsection (c)(2)(D)(i).'';
       (2) by striking subsection (c) and inserting the following:
       ``(c) Investments.--
       ``(1) Eligible obligations.--Notwithstanding any other 
     provision of law, the Secretary of the Treasury shall invest 
     the Fund only in interest-bearing obligations of the United 
     States issued directly to the Fund.
       ``(2) Investment requirements.--
       ``(A) In general.--The Secretary of the Treasury shall 
     invest the Fund in accordance with this paragraph.
       ``(B) Separate investments of principal and interest.--
       ``(i) Principal account.--The amounts deposited into the 
     Fund under subsection (b)(1) shall be--

       ``(I) credited to a principal account within the Fund 
     (referred to in this paragraph as the `principal account'); 
     and
       ``(II) invested in accordance with subparagraph (C).

       ``(ii) Interest account.--

       ``(I) In general.--The interest earned from investing 
     amounts in the principal account shall be--

       ``(aa) transferred to a separate interest account within 
     the Fund (referred to in this paragraph as the `interest 
     account'); and
       ``(bb) invested in accordance with subparagraph (D).

       ``(II) Crediting.--The interest earned from investing 
     amounts in the interest account, and the amounts deposited 
     into the Fund under subsection (b)(2), shall be credited to 
     the interest account.

       ``(C) Investment of principal account.--
       ``(i) Initial investment.--Amounts in the principal account 
     shall be initially invested in eligible obligations with the 
     shortest available maturity.
       ``(ii) Subsequent investments.--

[[Page 23059]]

       ``(I) In general.--On the date on which the amount in the 
     principal account is divisible into 3 substantially equal 
     portions, each portion shall be invested in eligible 
     obligations that are identical (except for transferability) 
     to the next-issued publicly-issued Treasury obligations 
     having a 2-year maturity, a 5-year maturity, and a 10-year 
     maturity, respectively.
       ``(II) Maturity of obligations.--As each 2-year, 5-year, 
     and 10-year eligible obligation under subclause (I) matures, 
     the principal of the maturing eligible obligation shall be 
     initially invested in accordance with clause (i) until the 
     date on which the principal is reinvested substantially 
     equally in the eligible obligations that are identical 
     (except for transferability) to the next-issued publicly-
     issued Treasury obligations having 2-year, 5-year, and 10-
     year maturities.

       ``(iii) Discontinuation of issuance of obligations.--If the 
     Department of the Treasury discontinues issuing to the public 
     obligations having 2-year, 5-year, or 10-year maturities, the 
     principal of any maturing eligible obligation shall be 
     reinvested substantially equally in available eligible 
     obligations that are identical (except for transferability) 
     to the next-issued publicly-issued Treasury obligations with 
     maturities of longer than 1 year.
       ``(D) Investment of interest account.--
       ``(i) Before each capitalization date.--For purposes of 
     subsection (b)(2)(B), amounts considered as if they were in 
     the interest account of the Fund shall be invested in 
     eligible obligations that are identical (except for 
     transferability) to publicly-issued Treasury obligations that 
     have maturities that coincide, to the greatest extent 
     practicable, with the applicable capitalization date for the 
     Fund.
       ``(ii) On and after each capitalization date.--On and after 
     each capitalization date, amounts in the interest account 
     shall be invested and reinvested in eligible obligations that 
     are identical (except for transferability) to publicly-issued 
     Treasury obligations that have maturities that coincide, to 
     the greatest extent practicable, with the date on which the 
     amounts will be withdrawn by the Secretary of the Treasury 
     and transferred to the Secretary of the Interior for use in 
     accordance with subsection (d).
       ``(E) Par purchase price.--
       ``(i) In general.--To preserve in perpetuity the amount in 
     the principal account, the purchase price of an eligible 
     obligation purchased as an investment of the principal 
     account shall not exceed the par value of the obligation.
       ``(ii) Treatment.--At the maturity of an eligible 
     obligation described in clause (i), any discount from par in 
     the purchase price of the eligible obligation shall be 
     treated as interest paid at maturity.
       ``(F) Holding to maturity.--Eligible obligations purchased 
     pursuant to this paragraph shall be held to their maturities.
       ``(3) Annual review of investment activities.--Not less 
     frequently than once each calendar year, the Secretary of the 
     Treasury shall review with the Tribe the results of the 
     investment activities and financial status of the Fund during 
     the preceding calendar year.
       ``(4) Modifications.--
       ``(A) In general.--If the Secretary of the Treasury 
     determines that investing the Fund in accordance with 
     paragraph (2) is not practicable or would result in adverse 
     consequences to the Fund, the Secretary of the Treasury shall 
     modify the requirements to the least extent necessary, as 
     determined by the Secretary of the Treasury.
       ``(B) Consultation.--Before making a modification under 
     subparagraph (A), the Secretary of the Treasury shall consult 
     with the Tribe with respect to the modification.'';
       (3) in subsection (d), by striking paragraph (1) and 
     inserting the following:
       ``(1) Withdrawal of interest.--Beginning on the first day 
     of the fiscal year beginning after the date of enactment of 
     the Cheyenne River Sioux Tribe Equitable Compensation 
     Amendments Act of 2006, and on the first day of each fiscal 
     year thereafter, the Secretary of the Treasury shall withdraw 
     and transfer all funds in the interest account of the Fund to 
     the Secretary of the Interior for use in accordance with 
     paragraph (2), to be available without fiscal year 
     limitation.''; and
       (4) in subsection (f)--
       (A) by redesignating paragraphs (3) and (4) as paragraphs 
     (4) and (5), respectively; and
       (B) by inserting after paragraph (2) the following:
       ``(3) Member landowners.--
       ``(A) Additional compensation.--
       ``(i) In general.--Except as provided in clause (iii), the 
     plan may provide for the payment of additional compensation 
     to member landowners for acquisition of land by the United 
     States for use in the Oahe Dam and Reservoir Project.
       ``(ii) Determination of heirs.--An heir of a member 
     landowner shall be determined in accordance with the probate 
     code governing the estate of the member landowner.
       ``(iii) Exception.--During any fiscal year, payments of 
     additional compensation to a member landowner under clause 
     (i) shall not--

       ``(I) be deposited or transferred into--

       ``(aa) the Individual Indian Money account of the member 
     landowner; or
       ``(bb) any other fund held by the United States on behalf 
     of the member landowner; or

       ``(II) exceed an amount equal to 44.3 percent of the amount 
     transferred by the Secretary of the Interior to the Tribe 
     under paragraph (2).

       ``(B) Provision of records.--To assist the Tribe in 
     processing claims of heirs of member landowners for land 
     acquired by the United States for use in the Oahe Dam and 
     Reservoir Project, the Secretary of the Interior shall 
     provide to the Tribe, in accordance with applicable laws 
     (including regulations), any record requested by the Tribe to 
     identify the heirs of member landowners by the date that is 
     90 days after the date of receipt of a request from the 
     Tribe.''.
       (d) Eligibility of Tribe for Certain Programs and 
     Services.--Section 105 of the Cheyenne River Sioux Tribe 
     Equitable Compensation Act (Public Law 106-511; 114 Stat. 
     2365) is amended in the matter preceding paragraph (1) by 
     inserting ``or any member landowner'' after ``Tribe''.
       (e) Extinguishment of Claims.--Section 107 of the Cheyenne 
     River Sioux Tribe Equitable Compensation Act (Public Law 106-
     511; 114 Stat. 2368) is amended to read as follows:

     ``SEC. 107. EXTINGUISHMENT OF CLAIMS.

       ``(a) In General.--On the date on which the final payment 
     is deposited into the Fund under section 104(b), all monetary 
     claims that the Tribe has or may have against the United 
     States for the taking by the United States of land and 
     property of the Tribe for the Oahe Dam and Reservoir Project 
     of the Pick-Sloan Missouri River Basin program shall be 
     extinguished.
       ``(b) Effect of Acceptance of Payment.--On acceptance by a 
     member landowner or an heir of a member landowner of any 
     payment by the Tribe for damages resulting from the taking by 
     the United States of land or property of the Tribe for the 
     Oahe Dam and Reservoir Project of the Pick-Sloan Missouri 
     River Basin program, all monetary claims that the member 
     landowner or heir has or may have against the United States 
     for the taking shall be extinguished.''.

  Mr. DeWINE. Mr. President, I ask unanimous consent that the 
committee-reported amendment be agreed to, the bill, as amended, be 
read a third time and passed, the motion to reconsider be laid upon the 
table, and that any statements relating to the bill be printed in the 
Record.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The committee amendment in the nature of a substitute was agreed to.
  The bill (S. 1535), as amended, was ordered to be engrossed for a 
third reading, was read the third time, and passed.

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