(b) MEMBERSHIP.—The Council shall consist of— 
(1) the Comptroller of the Currency; 
(2) the Secretary of the Interior; and 
(3) the Chairman of the Board of Governors of 
the Federal Reserve System. 
(c) DUTIES.—The Council shall— 
(1) recommend to the Board of Directors of the 
Corporation general policy directives; 
(2) be available to provide financial and tech-
nical assistance upon request of the Board of Direc-
tors; 
(3) transmit to the Board of Directors and the 
Congress an annual report with respect to the poli-
cies of the Corporation that contains data on the op-
erations and policies of the Corporation, rec-
ommendations concerning the Corporation, and such 
other data and material as the Council may deem 
appropriate; and 
(4) make reports and recommendations to the 
Board of Directors as it may from time to time re-
quest or as the Council may consider necessary to 
more effectively or efficiently accomplish the pur-
poses of this section or the purposes for which the 
Council is created. 
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SEC. 111. CONFORMING AMENDMENTS. 
(a) TITLE 31.—Title 31, United States Code, is 
amended as follows: 
(1) In paragraph (2) of section 9101, by adding 
at the end the following new subparagraph: 
‘‘(K) the Indian Development Finance Cor-
poration.’’. 
(2) In paragraph (3) of section 9107(c), by in-
serting ‘‘the Indian Development Finance Corpora-
tion,’’ after ‘‘the Regional Banks for Cooperatives,’’. 
(3) In paragraph (2) of section 9108(d), by in-
serting ‘‘the Indian Development Finance Corpora-
tion,’’ after ‘‘the Regional Banks for Cooperatives,’’. 
(b) TITLE 5.—Section 5315 of title 5, United States 
Code, is amended by adding at the end the following new 
item: 
‘‘President, Indian Development Finance Corpora-
tion.’’. 
TITLE II—CAPITALIZATION 
SEC. 201. ISSUANCE OF STOCK. 
(a) IN GENERAL.—(1) The Corporation is authorized 
to issue shares of stock in the Corporation in an amount 
and of such class as may be determined by the Board of 
Directors subject to the provisions of this section. 
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(2) Shares of stock in the Corporation may only be 
issued to and may only be held by Indian tribes and the 
United States. 
(3) The Corporation is authorized to redeem or re-
purchase any share of stock issued by the Corporation at 
a price determined by the Board of Directors. 
(b) INITIAL OFFERING.—(1) The Corporation shall 
make an initial offering of a total of 500,000 shares of 
common stock of the Corporation for sale at $50 per share 
to Indian tribes. 
(2) The number of such shares of stock required to 
be purchased by each Indian tribe in order to become a 
member of the Corporation shall be determined on the 
basis of an equitable formula established by the Board of 
Directors taking into account indicators of the economic 
condition of each Indian tribe applying for membership. 
Such economic indicators shall be developed by the Board 
and applied on a uniform basis. 
(3) Twenty percent of the value of the stock to be 
purchased by each tribe as a condition of membership 
shall be paid into the Corporation in the form of cash or 
cash equivalent securities, and 80 percent shall be in the 
form of a legally binding commitment available for call 
by the Board to meet the obligations of the Corporation 
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but not for use of the Corporation in lending activities or 
for administrative expenses. 
(c) NUMBER OF SHARES.—(1) The Secretary is au-
thorized to subscribe to 2,000,000 shares of capital stock 
in the Corporation. 
(2) The Secretary— 
(A) shall pay $20,000,000, representing 20 per-
cent of the value of the shares of capital stock in the 
Corporation subscribed under paragraph (1), to the 
Corporation within a 2-year period beginning on the 
date of enactment of this Act; and 
(B) beginning in fiscal year 2012, is authorized 
to agree on behalf of the United States to pay up 
to $80,000,000, representing 80 percent of the value 
of the shares of capital stock in the Corporation sub-
scribed under paragraph (1), or any portion thereof, 
to the Corporation upon call of the Board of Direc-
tors of the Corporation. The amount of this request 
for funds to establish a reserve for loss will be deter-
mined by the Secretary of the Interior and the 
Board of Directors based upon an assessment of 
need, taking into account a risk analysis of the in-
vestment and credit policies and practices of the 
Corporation. Any commitment to make such con-
tributions shall be made subject to obtaining the 
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necessary appropriations, and shall be made when 
funds are required to meet obligations of the Cor-
poration for funds borrowed by the Corporation or 
for loans guaranteed by the Corporation, but not for 
use of the Corporation in lending activities of the 
Corporation or for administrative expenses of the 
Corporation. 
(3) The capital stock subscribed by the Secretary on 
behalf of the United States under paragraph (1)— 
(A) shall be valued at $50 per share; 
(B) shall be nonvoting stock; 
(C) shall not accrue dividends; and 
(D) may not be transferred to any person or 
entity other than the Corporation. 
(d) PAYMENT OF DIVIDENDS.—The Board shall es-
tablish policies for payment of dividends to the Corpora-
tion’s shareholders to be based on sound business prac-
tices and fiscal management principles and which shall 
give a priority to providing a return on investment based 
on shareholders pro rata interest in income generated 
from the capital contribution of common stock share-
holders as compared to income attributable to capital con-
tributed by the United States. 
(e) EXEMPTED SECURITIES.—The stock or other se-
curities or instruments issued by the Corporation shall, 
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to the same extent as securities which are the direct obli-
gations of the United States, be exempted securities within 
the meaning of the laws administered by the Securities 
and Exchange Commission. 
SEC. 202. BORROWING AUTHORITY. 
(a) IN GENERAL.—The Corporation is authorized to 
issue bonds, notes, and other evidence of indebtedness. 
Such obligations shall be issued at such times, bear inter-
est at such rates, and contain such terms and conditions 
as the Board of Directors shall determine after consulta-
tion with the Secretary of the Treasury. 
(b) AMOUNT
OF
OBLIGATIONS.—The aggregate 
amount of obligations issued under subsection (a) shall 
not exceed an amount equal to— 
(1) the product of 10 multiplied by the sum 
of— 
(A) the paid-in capital of the Corporation; 
plus 
(B) retained earnings and profits of the 
Corporation; plus 
(2) the book value of callable capital rep-
resented by the total commitments of tribal share-
holders and the $80,000,000 subscribed to by the 
United 
States 
as 
provided 
for 
in 
section 
201(c)(2)(B) of this Act. 
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(c) SALE OF OBLIGATIONS.—An obligation issued 
under subsection (a) may be sold through an agent by ne-
gotiation, offer, bid, syndicate sale, or otherwise and such 
transaction completed by book entry, wire transfer, or 
such other means as may be appropriate. 
TITLE III—AUTHORIZATION OF 
APPROPRIATIONS 
SEC. 301. GENERAL OPERATIONAL EXPENSES. 
In addition to amounts authorized to be appropriated 
under section 302, there are authorized to be appro-
priated— 
(1) $2,000,000 for fiscal year 2010 for the pur-
pose of carrying out the provisions of this Act; 
(2) $2,500,000 for each of the fiscal years 
2010, 2011, 2012, 2013, and 2014 for the purpose 
of project development activities; and 
(3) such sums as may be necessary to carry out 
the provisions of this Act for each of the fiscal years 
2010, 2011, 2012, 2013, and 2014. 
SEC. 302. AUTHORIZATIONS FOR PAID-IN CAPITAL STOCK. 
There are authorized to be appropriated for each of 
the fiscal years 2010 and 2011, $10,000,000 for the pur-
pose of carrying out the provisions of section 201(c)(2)(A). 
Such sums shall remain available until expended. Begin-
ning in fiscal year 2011, such amounts, not to exceed a 
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total of $80,000,000, are authorized to be appropriated 
for the purpose of carrying out the provisions of section 
201(c)(2)(B). 
Æ 
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