garding Indians because it constitutes an inherent 
presupposition of our constitutional structure, which 
provides an inherent limit on the exercise and appli-
cation of the Indian Commerce Clause and the Trea-
ty Clause of the Constitution; 
(3) the United States fiduciary responsibilities 
to Indians also are founded in part on specific com-
mitments made through written treaties and agree-
ments securing peace, in exchange for which Indians 
have surrendered claims to vast tracts of land, which 
provided legal consideration for permanent, ongoing 
performance of Federal trust duties; and 
(4) the foregoing historic Federal-tribal rela-
tions and understandings have benefitted the people 
of the United States as a whole for centuries and es-
tablished enduring and enforceable Federal obliga-
tions to which the national honor has been com-
mitted. 
SEC. 102. CONGRESSIONAL REAFFIRMATION OF POLICY. 
Pursuant to its constitutionally vested authority over 
Indian affairs, the Congress hereby reaffirms the following 
regarding the proper discharge of the United States fidu-
ciary responsibilities to Indians— 
(1) enforceable fiduciary duties necessarily arise 
when the United States assumes control or super-
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vision over tribal trust assets even though nothing is 
said expressly in the governing statutes or regula-
tions, unless Congress has expressly specified other-
wise; 
(2) in general, the most exacting common-law 
fiduciary standards which govern private trustees 
also govern the United States when it manages In-
dian trust assets, and enforceable Federal trust du-
ties for Indian trust asset management are not lim-
ited to the express terms of statutes and regulations; 
(3) the fact that the United States simulta-
neously performs another task for another interest 
that Congress has obligated it by statute to do does 
not compromise or limit the United States enforce-
able fiduciary obligations to Indians; and 
(4) the United States fiduciary responsibilities 
to Indian tribes include and are not limited by a 
duty to promote tribal self-determination regarding 
governmental authority and economic development. 
TITLE II—INDIAN TRUST ASSET 
MANAGEMENT 
DEMONSTRA-
TION PROJECT ACT 
SEC. 201. SHORT TITLE. 
This title may be cited as the ‘‘Indian Trust Asset 
Management Demonstration Project Act of 2012’’. 
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SEC. 202. DEFINITIONS. 
In this title: 
(1) PROJECT.—The term ‘‘Project’’ means the 
Indian trust asset management demonstration 
project established under section 103(a). 
(2) INDIAN TRIBE.—The term ‘‘ Indian tribe’’ 
means an Indian tribe that— 
(A) is federally recognized; and 
(B) submits an application under section 
203(c). 
(3) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of the Interior. 
SEC. 203. ESTABLISHMENT OF DEMONSTRATION PROJECT; 
SELECTION 
OF 
PARTICIPATING 
INDIAN 
TRIBES. 
(a) IN GENERAL.—The Secretary shall establish and 
carry out an Indian trust asset management demonstra-
tion project, in accordance with this title. 
(b) 
SELECTION
OF
PARTICIPATING
INDIAN 
TRIBES.— 
(1) INDIAN TRIBES.— 
(A) IN GENERAL.—Any Indian tribe shall 
be eligible to participate in the Project if— 
(i) the Indian tribe submits to the 
Secretary an application under subsection 
(c); and 
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(ii) the Secretary approves the appli-
cation of the Indian tribe. 
(2) NOTICE.— 
(A) IN
GENERAL.—The Secretary shall 
provide a written notice to each Indian tribe ap-
proved to participate in the Project. 
(B) CONTENTS.—A notice under subpara-
graph (A) shall include— 
(i) a statement that the application of 
the Indian tribe has been approved by the 
Secretary; and 
(ii) a requirement that the Indian 
tribe shall submit to the Secretary a pro-
posed Indian trust asset management plan 
in accordance with section 104. 
(c) APPLICATION.— 
(1) IN GENERAL.—To be eligible to participate 
in the Project, an Indian tribe shall submit to the 
Secretary a written application in accordance with 
paragraph (2). 
(2) REQUIREMENTS.—The Secretary shall take 
into consideration an application under this sub-
section only if the application— 
(A) includes a copy of a resolution or other 
appropriate action by the governing body of the 
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Indian tribe, as determined by the Secretary, in 
support of or authorizing the application; 
(B) is received by the Secretary after the 
date of enactment of this Act; and 
(C) states that the Indian tribe is request-
ing to participate in the Project. 
(d) DURATION.—The Project shall remain in effect 
for a period of 8 years after the date of enactment of this 
Act. 
SEC. 204. INDIAN TRUST ASSET MANAGEMENT PLAN. 
(a) PROPOSED PLAN.— 
(1) SUBMISSION.—After the date on which an 
Indian tribe receives a notice from the Secretary 
under section 203(b)(2), the Indian tribe shall sub-
mit to the Secretary a proposed Indian trust asset 
management plan in accordance with paragraph (2). 
(2) CONTENTS.—A proposed Indian trust asset 
management plan shall include provisions that— 
(A) identify the trust assets that will be 
subject to the plan, including financial and non-
financial trust assets; 
(B) establish trust asset management ob-
jectives and priorities for Indian trust assets 
that are located within the reservation, or oth-
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erwise subject to the jurisdiction, of the Indian 
tribe; 
(C) allocate trust asset management fund-
ing that is available for the Indian trust assets 
subject to the plan in order to meet the trust 
asset management objectives and priorities; 
(D) if the Indian tribe has contracted or 
compacted functions or activities under the In-
dian Self-Determination and Education Assist-
ance Act (25 U.S.C. 450 et seq.) relating to the 
management of trust assets— 
(i) identify the functions or activities 
that are being performed by the Indian 
tribe under the contracts or compacts; and 
(ii) describe the proposed manage-
ment systems, practices, and procedures 
that the Indian tribe will follow; 
(E) establish procedures for nonbinding 
mediation or resolution of any dispute between 
the Indian tribe and the United States relating 
to the trust asset management plan; 
(F) include a process for the Indian tribe 
and the Federal agencies affected by the trust 
asset management plan to conduct annual eval-
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