SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Cheyenne River Sioux Tribe Equitable 
Compensation Amendments Act of 2007''.

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 2007 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.--
                                    ``(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 2007, 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 land owner shall be determined 
                        pursuant to the applicable probate code of the 
                        Tribe.
                            ``(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.''.

            Passed the House of Representatives May 7, 2007.

            Attest:

                                            LORRAINE C. MILLER,

                                                                 Clerk.
Cheyenne River Sioux Tribe Equitable Compensation Amendments Act of 2007 - Amends the Cheyenne River Sioux Tribe Equitable Compensation Act to make member landowners eligible for the additional financial compensation provided to the Cheyenne River Sioux Tribe for the acquisition by the federal government of 104,492 acres of land of the Tribe and member landowners for the Oahe Dam and Reservoir project. Defines "member landowner" as a member of the Tribe (or an heir of such a member) that owned land on the Cheyenne River Sioux Reservation that was acquired by the United States for the Oahe Dam and Reservoir Project of the Pick-Sloan Missouri River Basin program. Directs the Secretary of the Treasury to make five annual deposits into the Cheyenne River Sioux Tribal Recovery Trust Fund.

Rewrites requirements concerning the investment of the Trust Fund. Requires the investment of separate principal and interest accounts within such Fund. Instructs the Secretary of the Treasury: (1) to annually review with the Tribe the results of the investment activities and financial status of the Fund; and (2) if investing the Fund pursuant to such requirements is not practicable or would result in adverse consequences, to modify those requirements to the least extent necessary.

Authorizes the plan prepared for the use of payments to the Tribe to provide for payment of additional compensation to member landowners.

Requires the Secretary of the Interior to assist the Tribe in claims processing by providing any record requested to identify the heirs of member landowners within 90 days after receiving a request.

Extinguishes all monetary claims of a member landowner or an heir of a member landowner against the United States for the taking by the United States of land or property of the Tribe for the Oahe Dam and Reservoir Project upon acceptance by such member landowner or heir of any payment by the Tribe for damages resulting from the taking.
To amend the Cheyenne River Sioux Tribe Equitable Compensation 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.