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[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4833 Introduced in House (IH)]

103d CONGRESS
  2d Session
                                H. R. 4833

To reform the management of Indian Trust Funds, and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             July 26, 1994

Mr. Richardson introduced the following bill; which was referred to the 
                     Committee on Natural Resources

_______________________________________________________________________

                                 A BILL

 
To reform the management of Indian Trust Funds, 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 ``American Indian Trust Fund 
Management Reform Act of 1994''.

SEC. 2. STATEMENT OF RESPONSIBILITY.

    The Secretary of the Interior is responsible for the management of 
Indian trust funds including tribal accounts and Individual Indian 
money accounts.

SEC. 3. DEFINITIONS.

    For the purposes of this Act:
            (1) The term ``Special Trustee'' means the Special Trustee 
        for American Indians established by section 102.
            (2) The term ``Indian tribe'' means any Indian tribe, band, 
        nation, or other organized group or community, including any 
        Alaska Native village or regional or village corporation as 
        defined in or established pursuant to the Alaska Native Claims 
        Settlement Act (85 Stat. 688), which is recognized as eligible 
        for the special programs and services provided by the United 
        States to Indians because of their status as Indians.
            (3) The term ``Secretary'' means the Secretary of the 
        Interior.
            (4) The term ``Office'' means the Office of Special Trustee 
        for American Indians established by section 102.

             TITLE I--SPECIAL TRUSTEE FOR AMERICAN INDIANS

SEC. 101. PURPOSES.

    The purposes of this title are--
            (1) to provide for more effective management of, and 
        accountability for the proper discharge of, the Secretary's 
        trust responsibilities to Indian tribes and individual Indians 
        by establishing in the Department of the Interior an Office of 
        Special Trustee for American Indians to oversee and coordinate 
        reforms within the Department of practices relating to the 
        management and discharge of such responsibilities;
            (2) to ensure that reform of such practices in the 
        Department is carried out in a unified manner and that reforms 
        of the policies, practices, procedures and systems of the 
        Bureau of Indian Affairs, Minerals Management Service, and 
        Bureau of Land Management, which carry out such trust 
        responsibilities, are effective, consistent, and integrated; 
        and
            (3) to ensure the implementation of all reforms necessary 
        for the proper discharge of the Secretary's trust 
        responsibilities to Indian tribes and individual Indians.

SEC. 102. OFFICE OF SPECIAL TRUSTEE FOR AMERICAN INDIANS.

    (a) Establishment.--There is hereby established within the 
Department of the Interior the Office of Special Trustee for American 
Indians. The Office shall be headed by the Special Trustee who shall 
report directly to the Secretary of the Interior.
    (b) Special Trustee.--
            (1) Appointment.--The Special Trustee shall be appointed by 
        the President, by and with the advice and consent of the 
        Senate, from among individuals who possess demonstrated ability 
        in general management of large governmental or business 
        entities and particular knowledge of trust fund management, 
        management of financial institutions, and the investment of 
        large sums of money.
            (2) Compensation.--The Special Trustee shall be paid at a 
        rate determined by the Secretary to be appropriate for the 
        position, but not less than the rate of basic pay payable at 
        Level II of the Executive Schedule under section 5313 of title 
        5, United States Code.
    (c) Consultation.--It is expected that the Senate, in offering its 
advice and consent, will consult with Indian tribes and appropriate 
Indian organizations.
    (d) Termination of Office.--
            (1) Conditioned upon implementation of reforms.--The 
        Special Trustee, in proposing a termination date under section 
        103(b)(2)(C), shall ensure continuation of the Office until all 
        reforms identified in the strategic plan have been implemented 
        to the satisfaction of the Special Trustee.
            (2) 30-day notice.--Thirty days prior to the termination 
        date proposed in the plan submitted under this section, the 
        Special Trustee shall notify the Secretary and the Congress in 
        writing of the progress in implementing the reforms identified 
        in the plan. The Special Trustee, at that time, may recommend 
        the continuation, or the permanent establishment, of the Office 
        if the Special Trustee concludes that continuation or permanent 
        establishment is necessary for the efficient discharge of the 
        Secretary's trust responsibilities.
            (3) Termination date.--The Office shall terminate 180 
        legislative days after the date on which the notice to the 
        Congress under paragraph (2) is provided, unless the Congress 
        extends the authorities of the Special Trustee. For the 
        purposes of this session, a legislative day is a day on which 
        either House of the Congress is in session.

SEC. 103. AUTHORITIES AND FUNCTIONS OF THE SPECIAL TRUSTEE.

    (a) Comprehensive Strategic Plan.--
            (1) In general.--The Special Trustee shall prepare and, 
        after consultation with Indian tribes and appropriate Indian 
        organizations, submit to the Secretary of the Interior and the 
        Committee on Natural Resources of the House of Representatives 
        and the Committee on Indian Affairs of the Senate, within one 
        year after the initial appointment is made under section 
        102(b), a comprehensive strategic plan for all phases of the 
        trust management business cycle that will ensure proper and 
        efficient discharge of the Secretary's trust responsibilities 
        to Indian tribes and individual Indians in compliance with this 
        Act.
            (2) Plan requirements.--The plan prepared under paragraph 
        (1) shall include the following:
                    (A) Identification of all reforms to the policies, 
                procedures, practices and systems of the Department of 
                the Interior, the Bureau of Indian Affairs, the Bureau 
                of Land Management, and the Minerals Management Service 
                necessary to ensure the proper and efficient discharge 
                of the Secretary's trust responsibilities in compliance 
                with this Act.
                    (B) Provisions for opportunities for Indian tribes 
                to assist in the management of their trust accounts and 
                to identify for the Secretary options for the 
                investment of their trust accounts, in a manner 
                consistent with the trust responsibilities of the 
                Secretary, in ways that will help promote economic 
                development in their communities.
                    (C) A timetable for implementing the reforms 
                identified in the plan, including a date for the 
                proposed termination of the Office.
    (b) Duties.--
            (1) General oversight of reform efforts.--The Special 
        Trustee shall oversee all reform efforts within the Bureau of 
        Indian Affairs, the Bureau of Land Management, and the Minerals 
        Management Service relating to the trust responsibilities of 
        the Secretary to ensure the establishment of policies, 
        procedures, systems and practices to allow the Secretary to 
        discharge his trust responsibilities in compliance with this 
        Act.
            (2) Bureau of indian affairs.--
                    (A) Monitor reconciliation of trust accounts.--The 
                Special Trustee shall monitor the reconciliation of 
                tribal and Individual Indian Money trust accounts to 
                ensure that the Bureau of Indian Affairs provides the 
                account holders, with a fair and accurate accounting of 
                all trust accounts.
                    (B) Investments.--The Special Trustee shall ensure 
                that the Bureau of Indian Affairs establishes 
                appropriate policies and procedures, and develops 
                necessary systems, that will allow it--
                            (i) properly to account for and invest, as 
                        well as maximize, in a manner consistent with 
                        the statutory restrictions imposed on the 
                        Secretary's investment options, the return on 
                        the investment of all trust fund monies, and
                            (ii) to prepare accurate and timely reports 
                        to account holders (and others, as required) on 
                        a periodic basis regarding all collections, 
                        disbursements, investments, and return on 
                        investments related to their accounts.
                    (C) Ownership and lease data.--The Special Trustee 
                shall ensure that the Bureau of Indian Affairs 
                establishes policies and practices to maintain 
                complete, accurate, and timely data regarding the 
                ownership and lease of Indian lands.
            (3) Bureau of land management.--The Special Trustee shall 
        ensure that the Bureau of Land Management establishes policies 
        and practices adequate to enforce compliance with Federal 
        requirements for drilling, production, accountability, 
        environmental protection, and safety with respect to the lease 
        of Indian lands.
            (4) Minerals management service.--The Special Trustee shall 
        ensure that the Minerals Management Service establishes 
        policies and practices to enforce compliance by lessees of 
        Indian lands with all requirements for timely and accurate 
        reporting of production and payment of lease royalties and 
        other revenues, including the audit of leases to ensure that 
        lessees are accurately reporting production levels and 
        calculating royalty payments.
    (c) Coordination of Policies.--
            (1) In general.--The Special Trustee shall ensure that--
                    (A) the policies, procedures, practices, and 
                systems of the Bureau of Indian Affairs, the Bureau of 
                Land Management, and the Minerals Management Service 
                related to the discharge of the Secretary's trust 
                responsibilities are coordinated, consistent, and 
                integrated, and
                    (B) the Department prepares comprehensive and 
                coordinated written policies and procedures for each 
                phase of the trust management business cycle.
            (2) Standardized procedures.--The Special Trustee shall 
        ensure that the Bureau of Indian Affairs imposes standardized 
        trust fund accounting procedures throughout the Bureau.
            (3) Integration of ledger with investment system.--The 
        Special Trustee shall ensure that the trust fund investment, 
        general ledger, and subsidiary accounting systems of the Bureau 
        of Indian Affairs are integrated and that they are adequate to 
        support the trust fund investment needs of the Bureau.
            (4) Integration of land records, trust funds accounting, 
        and asset management systems among agencies.--The Special 
        Trustee shall ensure that--
                    (A) the land records system of the Bureau of Indian 
                Affairs interfaces with the trust fund accounting 
                system, and
                    (B) the asset management systems of the Minerals 
                Management Service and the Bureau of Land Management 
                interface with the appropriate asset management and 
                accounting systems of the Bureau of Indian Affairs, 
                including ensuring that--
                            (i) the Minerals Management Service 
                        establishes policies and procedures that will 
                        allow it to properly collect, account for, and 
                        disburse to the Bureau of Indian Affairs all 
                        royalties and other revenues generated by 
                        production from leases on Indian lands; and
                            (ii) the Bureau of Land Management and the 
                        Bureau of Indian Affairs provide Indian 
                        landholders with accurate and timely reports on 
                        a periodic basis that cover all transactions 
                        related to leases of Indian resources.
    (d) Problem Resolution.--The Special Trustee shall provide such 
guidance as necessary to assist Department personnel in identifying 
problems and options for resolving problems, and in implementing 
reforms to Department, Bureau of Indian Affairs, Bureau of Land 
Management, and Minerals Management Service policies, procedures, 
systems and practices.
    (e) Special Trustee Access.--The Special Trustee, and his staff and 
agents, shall have access to all records, reports, audits, reviews, 
documents, papers, recommendations, files and other material, as well 
as to any officer and employee, of the Department and any office or 
bureau thereof, as the Special Trustee deems necessary for the 
accomplishment of his duties under this Act.
    (f) Annual report.--The Special Trustee shall report to the 
Secretary and the Committee on Natural Resources of the House of 
Representatives and the Committee on Indian Affairs of the Senate each 
year on the progress of the Department, the Bureau of Indian Affairs, 
the Bureau of Land Management, and the Minerals Management Service in 
implementing the reforms identified in the comprehensive strategic plan 
under subsection (a)(1) and in meeting the timetable established in the 
strategic plan under subsection (a)(2)(C).

SEC. 105. STAFF AND CONSULTANTS.

    (a) Staff.--The Special Trustee may employ such staff as the 
Special Trustee deems necessary. The Special Trustee may request staff 
assistance from within the Department and any office or Bureau thereof 
as the Special Trustee deems necessary.
    (b) Contracts.--To the extent and in such amounts as may be 
provided in advance by appropriations Acts, the Special Trustee may 
enter into contracts and other arrangements with public agencies and 
with private persons and organizations for consulting services and make 
such payments as necessary to carry out the provisions of this title.

SEC. 106. ADVISORY BOARD.

    Notwithstanding any other law, the Special Trustee shall establish 
an advisory board to provide advice on all matters within the 
jurisdiction of the Special Trustee. The advisory board shall consist 
of nine members, appointed by the Special Trustee after consultation 
with Indian tribes and appropriate Indian organizations, of which--
            (1) five members shall represent trust fund account 
        holders, including both tribal and Individual Indian Money 
        accounts;
            (2) two members shall have practical experience in trust 
        fund or financial management;
            (3) one member, from academia, shall have particular 
        knowledge of trust fund management; and
            (4) one member, from academia, shall have knowledge of 
        general management of large organizations.
Each member shall serve a term of two years. The Advisory Board shall 
terminate upon termination of the Office of Special Trustee.

      TITLE II--INDIAN TRUST FUND MANAGEMENT DEMONSTRATION PROGRAM

SEC. 201. PURPOSE.

    The purpose of this title is to allow tribes an opportunity to 
assess new approaches for the management of tribal and individual 
Indian funds currently held in trust by the United States and managed 
by the Secretary through the Bureau, that, consistent with the trust 
responsibility of the United States and the principles of self-
determination, will--
            (1) give Indian tribal governments and individual Indian 
        account holders greater control over the management of such 
        trust funds; or
            (2) otherwise demonstrate how the principles of self-
        determination can work with respect to the management of such 
        trust funds, in a manner consistent with the trust 
        responsibility of the United States.

SEC. 202. INDIAN TRIBE DEFINED.

    For the purposes of this title, except for the purposes of section 
204, the terms ``Indian tribe'' and ``tribe'' mean an Indian tribe or a 
consortia of Indian tribes.

SEC. 203. DEMONSTRATION PLANS.

    (a) Plan.--An Indian tribe may submit to the Secretary a plan for 
the tribe to directly manage tribal funds currently held in trust by 
the United States for such tribe, and as of the date of the enactment 
of this Act, managed by the Secretary through the Bureau, in a manner 
that the tribe considers to be more responsive to its financial needs. 
The implementation of the plan shall be subject to supervision and 
oversight by the Secretary.
    (b) Scope.--For the purposes of this section, the term ``manage'' 
may include one or more of the functions carried out, as of the date of 
the enactment of this Act, by the Secretary through the Bureau with 
regard to trust funds, such as collection, disbursement, and investment 
functions.

SEC. 204. APPROVAL OF PLANS BY THE SECRETARY.

    (a) In General.--The Secretary shall approve within 90 days of 
receipt a plan submitted under section 203 that meets the following 
conditions:
            (1) Such plan has been approved by the appropriate Indian 
        tribe, as follows:
                    (A) For a plan involving tribal trust funds, such 
                plan is accompanied by a resolution from the tribal 
                governing body approving the plan.
                    (B) For a plan submitted by an Indian tribe (as 
                defined in paragraphs (1) and (2) of section 202), it 
                is accompanied by a resolution from the tribal 
                governing body approving the plan, along with a 
                certification that the tribe held no fewer than two 
                public meetings to provide an opportunity for tribal 
                members to comment on the plan.
            (2) The Secretary determines such plan to be reasonable 
        after considering all appropriate factors, including (but not 
        limited to) the following:
                    (A) The capability and experience of the 
                individuals or institutions that will be managing the 
                trust funds.
                    (B) The protection against substantial loss of 
                principal.
                    (C) The rate of return, except that the plan need 
                not produce the highest rate of return possible if the 
                Indian tribe chooses to accept a lower rate in return 
                for other benefits such as the benefits from investing 
                in local financial institutions.
                    (D) The ability of the Secretary to effectively 
                monitor the demonstration, pursuant to the trust 
                responsibility of the United States as specified in 
                section 205.
            (3) The duration of the plan may not exceed 5 years. At the 
        end of that 5-year period, the tribe may--
                    (A) elect to withdraw its funds from the trust and 
                terminate the trust relationship, in accordance with 
                section 208,
                    (B) return management of its funds to the 
                Secretary, or
                    (C) request renewal of its demonstration plan for 
                an additional five years.
    (b) Investment in Equities or Other Forms of Investments.--Nothing 
in this section shall prohibit an Indian tribe submitting a plan for a 
demonstration under this section from providing in such plan for the 
investment of its trust funds in equities or other approved forms of 
investments, if the Secretary determines that such plan meets the 
standard of subsection (a)(2).

SEC. 205. FEDERAL TRUST RESPONSIBILITY FOR TRUST FUND DEMONSTRATION 
              PURPOSES.

    (a) In General.--If an Indian tribe assumes management of trust 
funds pursuant to a demonstration under this title, the trust 
responsibility of the United States with respect to such funds shall, 
for the duration of the demonstration, be limited to the following:
            (1) The exercise of reasonable care by the Secretary in 
        approving the plan for the demonstration.
            (2) An annual audit provided by the Secretary, directly or 
        by contract, to determine that the tribe is performing in 
        conformance with such plan.
            (3) If the Secretary finds, through such audits, that the 
        tribe is not in compliance with the terms of the plan, the 
        Secretary shall--
                    (A) terminate the demonstration; or
                    (B) prescribe remedial action to be taken by the 
                tribe to achieve compliance with the plan.
    (b) Decrease in Interest and Loss of Principal.--If a plan for a 
demonstration submitted under this title and approved by the Secretary 
provides for the implementation of such demonstration by the Secretary, 
the United States shall not be liable, during the period of such 
demonstration, for any decrease in interest rate or any loss of 
principal that is proximately caused by the Secretary's prudent 
implementation of such demonstration.
    (c) Agreement.--Prior to the implementation of any demonstration 
under this title, the Indian tribe involved shall sign a written 
statement indicating that it understands and accepts the limitations on 
the trust responsibility of the United States as provided in this 
section.

SEC. 206. TECHNICAL AND FINANCIAL ASSISTANCE.

    The Secretary shall, directly or by contract, provide Indian tribes 
with technical and financial assistance in developing, implementing, 
and managing plans for demonstrations under this title.

SEC. 207. NO INCOME TAX CONSEQUENCES.

    Funds managed pursuant to a demonstration program under this title, 
and distributions made from such funds, shall, for purposes of the 
Internal Revenue Code of 1986, be treated in the same manner as such 
funds would be treated if such funds were managed directly by the 
Secretary, through the Bureau.

SEC. 208. VOLUNTARY WITHDRAWAL FROM TRUST FUND PROGRAM.

    (a) In General.--An Indian tribe may, in accordance with this 
section, submit a plan to withdraw some or all funds held in trust, 
including judgment fund accounts, for such tribe by the United States 
and managed by the Secretary through the Bureau.
    (b) Approval of Plan.--The Secretary shall approve a plan under 
this section that meets the requirements specified in section 204(a)(1) 
and subparagraphs (A) and (B) of section 204(a)(2).
    (c) Termination of Trust Responsibility.--Beginning on the date 
funds are withdrawn pursuant to this section, any trust responsibility 
of the United States with respect to such funds shall terminate.

SEC. 209. REPORT TO CONGRESS.

    The Secretary shall, beginning one year after the date of the 
enactment of this Act, submit an annual report to the House Committee 
on Natural Resources and the Senate Committee on Indian Affairs on the 
implementation of demonstration programs under this title. Such report 
shall include recommendations for changes necessary to effectively 
implement the purpose of this title.

SEC. 210. SAVINGS PROVISION.

    By submitting or approving a plan under this section, neither the 
tribe nor the Secretary shall be deemed to have accepted the account 
balance as accurate or to have waived any rights regarding such balance 
and to seek compensation.

                        TITLE III--MISCELLANEOUS

SEC. 301. INVESTMENT BY THE SECRETARY OF THE TREASURY OF TRIBAL TRUST 
              FUNDS.

    Section 161a of title 25, United States Code, is amended as 
follows:
            (1) The current text of section 161a is designated as 
        subsection (a).
            (2) A new subsection (b) is added as follows:
    ``(b)(1) At the election of each individual Indian tribe, all of 
the funds, or a portion thereof, as designated by the tribe, held in 
trust by the United States and carried in principal accounts on the 
books of the United States Treasury to the credit of the tribe may be 
invested by the Secretary of the Interior--
            ``(A) in accordance with the second subsection (b) of 
        section 162a of title 25, United States Code;
            ``(B) in the `Common Stock Index Investment Fund' 
        established under section 161b(f)(1) of title 25, United States 
        Code; and
            ``(C) in the `Fixed Income Investment Fund' established 
        under section 161b(f)(2) of title 25, United States Code.
    ``(2) Twice a year, during time periods designated by the Tribal 
Trust Funds Investment Board under section 161b(c)(1) of this title, a 
tribe may elect to invest in any one or a combination of the investment 
options offered in this subsection. If an election is not made, the 
Secretary shall invest all sums held on account of the tribe in 
accordance with subsection (a) of this section.
    ``(3) Each tribe who elects to invest any of its funds in the 
Common Stock Index Investment Fund or the Fixed Income Investment Fund 
shall sign an acknowledgement which states that the tribe understands 
that an investment in either such Fund is made at the tribe's risk, 
that the tribe is not protected by the Government against any loss on 
such investment, and that a return on such investment is not guaranteed 
by the Government.
    ``(4) A tribe who elects to invest any of its funds in the Common 
Stock Index Investment Fund or the Fixed Income Investment Fund may 
make withdrawals of those funds only twice a year, during those time 
periods designated by the Tribal Trust Funds Investment Board for 
election of investment options.
    ``(5) Any management or other fees incurred by the Secretary in 
investing amounts under this subsection shall be paid from the proceeds 
of the investments.''.

SEC. 302. TRIBAL TRUST FUND INVESTMENT BOARD.

    Section 161b of title 25, United States Code, is redesignated as 
section 161d, and new sections 161b and 161c are included as follows:

``SEC. 161b. TRIBAL TRUST FUND INVESTMENT BOARD.

    ``(a) There is hereby established in the Department of the Interior 
a Tribal Trust Fund Investment Board.
    ``(b) The Board shall be composed of 5 members appointed by the 
Secretary of the Interior, after consultation with Indian tribes and 
appropriate tribal organizations, one of whom the Secretary shall 
designate as Chairman. The Secretary shall not appoint as a member of 
the Board any person who is currently a Federal employee. The Director 
of the Office of Trust Fund Management shall serve as an ex-officio, 
nonvoting member of the Board.
            ``(1) Members of the Board shall have substantial practical 
        experience, training, and expertise, in the management of 
        financial investments.
            ``(2) A member of the Board shall be appointed for a term 
        of 4 years, except that of the members first appointed--
                    ``(A) the Chairman shall be appointed for a term of 
                4 years;
                    ``(B) three members, at the Secretary's discretion, 
                shall be appointed for terms of 3 years; and
                    ``(C) the remaining two members shall be appointed 
                for terms of two years.
        The term of any member shall not expire before the date on 
        which the member's successor takes office.
            ``(3) A vacancy on the Board shall be filled by the 
        Secretary; the individual chosen to fill the vacancy shall be 
        appointed for the unexpired term of the member replaced.
    ``(c) The Board shall--
            ``(1) establish policies for the investment and management 
        of all tribal trust funds, to provide for prudent investments 
        and low administrative costs, including the designation of two 
        periods of time per calendar year during which tribes may elect 
        investment options under section 161a(b)(2) of this title and 
        during which tribes may make withdrawals under section 
        161a(b)(4);
            ``(2) review the performance of all investments of tribal 
        trust funds; and
            ``(3) review and approve the budget of the Board.
    ``(d) The members of the Board shall discharge their 
responsibilities solely in the interest of tribal trust fund 
accountholders, and are held to the same high degree of fiduciary 
responsibility to the tribes as is the Secretary.
    ``(e) The Board shall establish--
            ``(1) a Common Stock Index Fund, by selecting an index 
        which is a commonly recognized index comprised of common stock 
        the aggregate market value of which is a reasonably complete 
        representation of the United States equity markets. The Common 
        Stock Index Investment Fund shall be invested in a portfolio 
        designed to replicate the performance of the index selected. 
        The portfolio shall be designed such that, to the extent 
        practicable, the percentage of the Common Stock Index 
        Investment Fund that is invested in each stock is the same as 
        the percentage determined by dividing the aggregate market 
        value of all shares of that stock by the aggregate market value 
        of all shares of all stocks included in such index;
            ``(2) a Fixed Income Investment Fund under which sums are 
        invested in--
                    ``(A) insurance contracts;
                    ``(B) certificates of deposit; or
                    ``(C) other instruments of obligations selected by 
                qualified professional asset managers,
        which return the amount invested and pay interest at a 
        specified rate or rates, on that amount during a specified 
        period of time. For the purposes of this section, the term 
        `qualified professional asset manager' shall have the same 
        meaning as provided in section 8438(a)(7) of title 5, United 
        States Code.
    ``(f) The Board shall meet not less than once a month, but at 
additional times at the call of the Chairman. The Board shall perform 
the functions and exercise the powers of the Board on a majority vote 
of a quorum of the Board. Three members of the Board shall constitute a 
quorum. A vacancy on the Board shall not impair the authority of a 
quorum of the Board to perform.
    ``(g) Each member of the Board who is not an officer or employee of 
the Federal Government shall be compensated at the daily rate of basic 
pay for level IV of the Executive Schedule for each day during which 
such member is engaged in performing a function of the Board. A member 
of the Board shall be paid travel, per diem, and other necessary 
expenses under subchapter I of chapter 57 of title 5, United States 
Code, while traveling away from such member's home or regular place of 
business in the performance of the duties of the Board. The accrued 
annual leave of any Federal employee who is a member of the Board shall 
not be charged for any time used in performing services for the Board.

``SEC. 161c. ACCOUNTING AND INFORMATION.

    ``(a) The Secretary of the Interior shall establish and maintain an 
account for each tribe whose funds are held in trust by the United 
States.
    ``(b) The Director, Office of Trust Funds Management, Bureau of 
Indian Affairs, shall allocate to each account an amount equal to a pro 
rata share of the net earnings and net losses from each investment 
under section 161a of this title attributable to sums credited to such 
account, reduced by an appropriate share of management and other fees 
paid out of the net earnings from investments under subsection (b)(5) 
of section 161a of this title.
    ``(c)(1) The Director, Office of Trust Funds Management shall 
engage, annually, on behalf of all tribes for whom an account is 
maintained, an independent qualified accountant, who shall conduct an 
examination of all accounts and other books and records maintained in 
the administration of sections 161a, 161b, and 161c, as the public 
accountant considers necessary to enable the public accountant to make 
the determination required by paragraph (2) of this subsection. The 
examination shall be conducted in accordance with auditing standards 
established by the Comptroller General of the United States, and shall 
involve such tests of the accounts, books, and records as the public 
accountant considers necessary.
    ``(2) The public accountant conducting an examination under 
paragraph (1) of this subsection shall determine whether the accounts, 
books, and records referred to in such paragraph have been maintained 
in conformity with generally accepted accounting principles applied on 
a basis consistent with the manner in which such principles were 
applied during the examination conducted under such paragraph during 
the preceding year. The public accountant shall transmit to the Tribal 
Trust Funds Investment Board, the Director, Office of Trust Funds 
Management, Special Trustee, Secretary of the Interior, and the 
Comptroller General of the United States a report on his examination, 
including his determination under this paragraph.
    ``(3) In making a determination under paragraph (2) of this 
subsection, a public accountant may rely on the correctness of any 
actuarial matter certified by an enrolled actuary if the public 
accountant states his reliance in the report transmitted under such 
paragraph.
    ``(4) For purposes of this subsection, the term ``qualified public 
accountant'' shall have the same meaning as provided in section 
103(a)(3)(D) of the Employee Retirement Income Security Act of 1974 (29 
U.S.C. 1023(a)(3)(D)).
    ``(d)(1) The Board shall prescribe regulations under which each 
tribe for whom an account is maintained shall be furnished with--
            ``(A) a periodic statement relating to the tribe's account; 
        and
            ``(B) a summary description of the investment options under 
        section 161a of this title including an evaluation of each such 
        option covering the 5-year period preceding the date as of 
        which such evaluation is made.
    ``(2) Information under this subsection shall be provided at least 
30 calendar days before the beginning of each election period under 
section 161a(b)(2) of this title, and in a manner designed to 
facilitate informed decisionmaking with respect to such election.''.

                        TITLE IV--MISCELLANEOUS

SEC. 401. RECONCILIATION REPORT.

    The Secretary of the Interior shall transmit to the Committee on 
Natural Resources of the House of Representatives and the Committee on 
Indian Affairs of the Senate, by September 30, 1995, a report 
identifying for each tribal trust fund account for which the Secretary 
is responsible a balance reconciled as of that date. The report shall 
include--
            (1) a description of the Secretary's methodology in 
        reconciling trust fund accounts;
            (2) attestations by each account holder that--
                    (A) the Secretary has provided the account holder 
                with a full and complete accounting of the account 
                holder's funds to the earliest possible date, and that 
                the account holder accepts the balance as reconciled by 
                the Secretary; or
                    (B) the account holder disputes the balance of the 
                account holder's account as reconciled by the Secretary 
                and statement explaining why the account holder 
                disputes the Secretary's reconciled balance;
            (3) a statement by the Secretary with regard to each 
        account balance disputed by the account holder outlining 
        efforts the Secretary will undertake to resolve the dispute; 
        and
            (4) for each account that the Secretary is unable to 
        reconcile as of September 30, 1995, a statement explaining why 
        the Secretary is unable to reconcile the account and a 
        statement of the Secretary's plans to negotiate a balance 
        acceptable to both the Secretary and the account holder.

SEC. 402. AUTHORIZATION OF APPROPRIATIONS.

    There is authorized to be appropriated such sums as may be 
necessary to carry out the provisions of this Act.
                                 <all>
HR 4833 IH----2
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