Native American Trust Fund Equity Act of 1991

Native American Trust Fund Equity Act of 1991 - Amends Federal law to change from discretionary to mandatory the authority of the Secretary of the Interior to invest Indian trust funds in debt obligations issued or guaranteed by the United States, or in mutual funds.

Requires the Secretary to pay interest periodically on such deposited or invested funds to the appropriate Indian tribe or individual Indian.

Repeals Federal law that relieves the United States from any liability relating to the interest payable on such invested funds.

Authorizes the Secretary to make payments to an Indian tribe or individual Indian in full satisfaction of any claim of such tribe or Indian for any interest owed on amounts deposited or invested on their behalf before the enactment of this Act.

 
HR 1756 IH
102d CONGRESS
1st Session
 H. R. 1756
To amend the Act of June 24, 1938, to require the Secretary of the Interior
to pay interest on Indian funds invested, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
April 11, 1991
Mr. SYNAR introduced the following bill; which was referred to the Committee
on Interior and Insular Affairs
A BILL
To amend the Act of June 24, 1938, to require the Secretary of the Interior
to pay interest on Indian funds invested, and for other purposes.
  Be it enacted by the Senate and House of Representatives of the United
  States of America in Congress assembled,
SECTION 1. SHORT TITLE.
  This Act may be cited as the `Native American Trust Fund Equity Act of 1991'.
SEC. 2. PAYMENT OF INTEREST ON FUNDS INVESTED.
  (a) PAYMENT OF INTEREST- (1) The fourth proviso of subsection (a) of the
  first section of the Act of June 24, 1938 (25 U.S.C. 162a), is amended by
  striking `may invest' and inserting `shall invest'.
  (2) The first section of the Act of June 24, 1938 (25 U.S.C. 162a), is
  amended by adding at the end the following new subsection:
  `(d) Amounts deposited or invested under subsection (a) shall earn interest
  at the appropriate rates, taking into consideration the type of deposit
  or investment. The Secretary shall periodically pay such interest to the
  appropriate Indian tribe or individual Indian or, at the election of the
  Indian tribe or individual Indian, add such interest to the principal so
  deposited or invested.'.
  (b) TECHNICAL CORRECTION- The second subsection (b) of the first section of
  the Act of June 24, 1938 (25 U.S.C. 162a), as added by section 302 of Public
  Law 101-644 (104 Stat. 4667), is hereby redesignated as subsection (c).
  (c) REPEAL OF LIMITATION ON UNITED STATES LIABILITY- Paragraph (2)
  of subsection (c) of the first section of the Act of June 24, 1938, as
  amended by subsection (b), is hereby repealed.
  (d) PAYMENT OF INTEREST FROM CERTAIN PUBLIC DEBT OBLIGATIONS AND MUTUAL
  FUNDS- Subsection (c) of the first section of the Act of June 24, 1938,
  as amended by subsections (b) and (c), is further amended by striking
  `(1)' after `(b)' and by adding at the end the following:
`Amounts deposited or invested under this subsection shall generate earnings
at the appropriate rates, taking into consideration the type of investment
concerned. The Secretary shall periodically pay such earnings to the
appropriate Indian tribe or individual Indian or, at the election of the
Indian tribe or individual Indian, add such earnings to the principal of
such funds so invested.'.
  (e) EFFECTIVE DATE- The amendments made by this section shall apply to
  interest earned on amounts deposited or invested on or after the date of
  the enactment of this Act.
SEC. 3. AUTHORITY FOR PAYMENT OF CLAIMS FOR INTEREST OWED.
  The Secretary of the Interior is authorized to make payments to an Indian
  tribe or an individual Indian--
  (1) in full satisfaction of any claim of such Indian tribe or individual
  Indian for interest on amounts deposited or invested on behalf of such
  Indian tribe or individual Indian before the date of enactment of this Act
  under the Act of June 24, 1938 (25 U.S.C. 162a), and who was not paid the
  appropriate amount of interest on such funds; and
  (2) in an amount equal to the interest which would have been earned if
  funds of such Indian tribe or individual Indians which were subject to the
  Act of June 24, 1938 (25 U.S.C. 162a), had been deposited or invested in
  accordance with such Act.