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 pro-
gram, authorized by section 9 of the Act of Decem-
ber 22, 1944 (commonly known as the ‘‘Flood Con-
trol 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 flood-
ed the fertile bottom land of the Cheyenne River 
Sioux Reservation, which greatly damaged the econ-
omy 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 sev-
eral Indian tribes, including the Cheyenne River 
Sioux Tribe, that border the Missouri River and suf-
fered 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 com-
pensation 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 Chey-
enne River Sioux Tribal Recovery Trust Fund. 
SEC. 3. CHEYENNE RIVER SIOUX TRIBE EQUITABLE COM-
PENSATION. 
(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 subpara-
graphs (A) and (B) and inserting the following:
‘‘(A) the United States did not justly or 
fairly compensate the Tribe and member land-
owners 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 ap-
pears. 
(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 para-
graph (3) and moving the paragraph so as to appear 
after paragraph (2); and 
(2) by inserting before paragraph (2) the fol-
lowing: 
‘‘(1) MEMBER LANDOWNER.—The term ‘mem-
ber 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 ‘capitaliza-
tion 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 sub-
section (c)(2)(C) during the period begin-
ning 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 de-
scribed 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 ac-
cordance with subsection (c)(2)(D)(i).’’; 
(2) by striking subsection (c) and inserting the 
following: 
‘‘(c) INVESTMENTS.—
‘‘(1) 
ELIGIBLE
OBLIGATIONS.—Notwith-
standing any other provision of law, the Secretary of 
the Treasury shall invest the Fund only in interest-
bearing obligations of the United States issued di-
rectly 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
PRIN-
CIPAL AND INTEREST.—
‘‘(i) 
PRINCIPAL
ACCOUNT.—The 
amounts deposited into the Fund under 
subsection (b)(1) shall be—
‘‘(I) credited to a principal ac-
count within the Fund (referred to in 
this paragraph as the ‘principal ac-
count’); 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 sepa-
rate interest account within the 
Fund (referred to in this para-
graph 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 de-
posited into the Fund under sub-
section (b)(2), shall be credited to the 
interest account. 
‘‘(C) INVESTMENT
OF
PRINCIPAL
AC-
COUNT.—
‘‘(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 substan-
tially equal portions, each portion 
shall be invested in eligible obligations 
that are identical (except for transfer-
ability) 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
OBLIGA-
TIONS.—As each 2-year, 5-year, and
10-year eligible obligation under sub-
clause (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 transfer-
ability) 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 rein-
vested substantially equally in available eli-
gible obligations that are identical (except 
for transferability) to the next-issued pub-
licly-issued Treasury obligations with ma-
turities of longer than 1 year. 
‘‘(D) INVESTMENT
OF
INTEREST
AC-
COUNT.—
‘‘(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 great-
est extent practicable, with the applicable 
capitalization date for the Fund. 
‘‘(ii) ON AND AFTER EACH CAPITAL-
IZATION DATE.—On and after each capital-
ization date, amounts in the interest ac-
count shall be invested and reinvested in 
eligible obligations that are identical (ex-
cept for transferability) to publicly-issued 
Treasury obligations that have maturities 
that coincide, to the greatest extent prac-
ticable, with the date on which the 
amounts will be withdrawn by the Sec-
retary of the Treasury and transferred to 
the Secretary of the Interior for use in ac-
cordance with subsection (d). 
‘‘(E) PAR PURCHASE PRICE.—
‘‘(i) IN
GENERAL.—To preserve in 
perpetuity the amount in the principal ac-
count, the purchase price of an eligible ob-
ligation 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 para-
graph shall be held to their maturities. 
‘‘(3) ANNUAL REVIEW OF INVESTMENT ACTIVI-
TIES.—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 prac-
ticable or would result in adverse consequences
to the Fund, the Secretary of the Treasury 
shall modify the requirements to the least ex-
tent necessary, as determined by the Secretary 
of the Treasury. 
‘‘(B) CONSULTATION.—Before making a 
modification under subparagraph (A), the Sec-
retary 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 there-
after, 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 ac-
cordance 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: