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S. 51 (is) To amend the Internal Revenue Code of 1986 to eliminate the percentage depletion allowance for certain minerals. ...
108th CONGRESS 1st Session S. 519 To establish a Native American-owned financial entity to provide financial services to Indian tribes, Native American organizations, and Native Americans, and for other purposes. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES March 5, 2003 Mr. Campbell introduced the following bill; which was read twice and referred to the Committee on Indian Affairs _______________________________________________________________________ A BILL To establish a Native American-owned financial entity to provide financial services to Indian tribes, Native American organizations, and Native Americans, 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; TABLE OF CONTENTS. (a) Short Title.--This Act may be cited as the ``Native American Capital Formation and Economic Development Act of 2003''. (b) Table of Contents.--The table of contents of this Act is as follows: Sec. 1. Short title; table of contents. Sec. 2. Findings. Sec. 3. Purposes. Sec. 4. Definitions. TITLE I--NATIVE AMERICAN CAPITAL DEVELOPMENT CORPORATION Sec. 101. Establishment of the Corporation. Sec. 102. Authorized assistance and service functions. Sec. 103. Native American lending services grant. Sec. 104. Audits. Sec. 105. Annual housing and economic development reports. Sec. 106. Advisory Council. TITLE II--CAPITALIZATION OF CORPORATION Sec. 201. Capitalization of the Corporation. TITLE III--REGULATION, EXAMINATION, AND REPORTS Sec. 301. Regulation, examination, and reports. Sec. 302. Authority of the Secretary of Housing and Urban Development. TITLE IV--FORMATION OF NEW CORPORATION Sec. 401. Formation of new corporation. Sec. 402. Adoption and approval of merger plan. Sec. 403. Consummation of merger. Sec. 404. Transition. Sec. 405. Effect of merger. TITLE V--OTHER NATIVE AMERICAN FUNDS Sec. 501. Native American Economies Diagnostic Studies Fund. Sec. 502. Native American Economic Incubation Center Fund. TITLE VI--AUTHORIZATIONS OF APPROPRIATIONS Sec. 601. Native American financial institutions. Sec. 602. Corporation. Sec. 603. Other Native American funds. SEC. 2. FINDINGS. Congress finds that-- (1) there is a special legal and political relationship between the United States and the Indian tribes, as grounded in treaties, the Constitution, Federal statutes and court decisions, executive orders, and course of dealing; (2) despite the availability of abundant natural resources on Indian land and a rich cultural legacy that accords great value to self-determination, self-reliance, and independence, Native Americans suffer rates of unemployment, poverty, poor health, substandard housing, and associated social ills to a greater degree than any other group in the United States; (3) the economic success and material well-being of Native Americans depends on the combined efforts and resources of the United States, Indian tribal governments, the private sector, and individuals; (4) the poor performance of moribund Indian economies is due in part to the near-complete absence of private capital and private capital institutions; and (5) the goals of economic self-sufficiency and political self-determination for Native Americans can best be achieved by making available the resources and discipline of the private market, adequate capital, and technical expertise. SEC. 3. PURPOSES. The purposes of this Act are-- (1) to establish an entity dedicated to capital development and economic growth policies in Native American communities; (2) to provide the necessary resources of the United States, Native Americans, and the private sector on endemic problems such as fractionated and unproductive Indian land; (3) to provide a center for economic development policy and analysis with particular emphasis on diagnosing the systemic weaknesses with, and inhibitors to greater levels of investment in, Native American economies; (4) to establish a Native-owned financial entity to provide financial services to Indian tribes, Native American organizations, and Native Americans; and (5) to improve the material standard of living of Native Americans. SEC. 4. DEFINITIONS. In this Act: (1) Alaska native.--The term ``Alaska Native'' has the meaning given the term ``Native'' in section 3 of the Alaska Native Claims Settlement Act (43 U.S.C. 1602). (2) Board.--The term ``Board'' means the Board of Directors of the Corporation. (3) Capital distribution.--The term ``capital distribution'' has the meaning given the term in section 1303 of the Federal Housing Enterprise Financial Safety and Soundness Act of 1992 (12 U.S.C. 4502). (4) Chairperson.--The term ``Chairperson'' means the chairperson of the Board. (5) Corporation.--The term ``Corporation'' means the Native American Capital Development Corporation established by section 101(a)(1)(A). (6) Council.--The term ``Council'' means the Advisory Council established under section 106(a). (7) Designated merger date.--The term ``designated merger date'' means the specific calendar date and time of day designated by the Board under this Act. (8) Department of hawaiian home lands.--The term ``Department of Hawaiian Home Lands'' means the agency that is responsible for the administration of the Hawaiian Homes Commission Act, 1920 (42 Stat. 108 et seq.). (9) Fund.--The term ``Fund'' means the Community Development Financial Institutions Fund established under section 104 of the Riegle Community Development and Regulatory Improvement Act of 1994 (12 U.S.C. 4703). (10) Indian tribe.--The term ``Indian tribe'' has the meaning given the term in section 4 of the Indian Self- Determination and Education Assistance Act (25 U.S.C. 450b). (11) Merger plan.--The term ``merger plan'' means the plan of merger adopted by the Board under this Act. (12) Native american.--The term ``Native American'' means-- (A) a member of an Indian tribe; or (B) a Native Hawaiian. (13) Native american financial institution.--The term ``Native American financial institution'' means a person (other than an individual) that-- (A) qualifies as a community development financial institution under section 103 of the Riegle Community Development and Regulatory Improvement Act of 1994 (12 U.S.C. 4702); (B) satisfies-- (i) requirements established by subtitle A of title I of the Riegle Community Development and Regulatory Improvement Act of 1994 (12 U.S.C. 4701 et seq.); and (ii) requirements applicable to persons seeking assistance from the Fund; (C) demonstrates a special interest and expertise in serving the primary economic development and mortgage lending needs of the Native American community; and (D) demonstrates that the person has the endorsement of the Native American community that the person intends to serve. (14) Native american lender.--The term ``Native American lender'' means a Native American governing body, Native American housing authority, or other Native American financial institution that acts as a primary mortgage or economic development lender in a Native American community. (15) Native hawaiian.--The term ``Native Hawaiian'' has the meaning given the term in section 201 of the Hawaiian Homes Commission Act, 1920 (42 Stat. 108). (16) New corporation.--The term ``new corporation'' means the corporation formed in accordance with title IV. (17) Secretary.--The term ``Secretary'' means the Secretary of Housing and Urban Development. (18) Total capital.--The term ``total capital'' has the meaning given the term in section 1303 of the Federal Housing Enterprise Financial Safety and Soundness Act of 1992 (12 U.S.C. 4502). (19) Transition period.--The term ``transition period'' means the period beginning on the date on which the merger plan is approved by the Secretary and ending on the designated merger date. TITLE I--NATIVE AMERICAN CAPITAL DEVELOPMENT CORPORATION SEC. 101. ESTABLISHMENT OF THE CORPORATION. (a) Establishment; Board of Directors; Policies; Principal Office; Membership; Vacancies.-- (1) Establishment.-- (A) In general.--There is established and chartered a corporation, to be known as the ``Native American Capital Development Corporation''. (B) Period of time.--The Corporation shall be a congressionally chartered body corporate until the earlier of-- (i) the designated merger date; or (ii) the date on which the charter is surrendered by the Corporation. (C) Changes to charter.--The right to revise, amend, or modify the Corporation charter is specifically and exclusively reserved to Congress. (2) Board of directors; principal office.-- (A) Board.--The powers of the Corporation shall be vested in a Board of Directors, which Board shall determine the policies that govern the operations and management of the Corporation. (B) Principal office; residency.-- (i) Principal office.--The principal office of the Corporation shall be in the District of Columbia. (ii) Venue.--For purposes of venue, the Corporation shall be considered to be a resident of the District of Columbia. (3) Membership.-- (A) In general.-- (i) Nine members.--Except as provided in clause (ii), the Board shall consist of 9 members, of which-- (I) 3 members shall be appointed by the President; and (II) 6 members shall be elected by the class A stockholders, in accordance with the bylaws of the Corporation. (ii) Thirteen members.--If class B stock is issued under section 201(b), the Board shall consist of 13 members, of which-- (I) 9 members shall be appointed and elected in accordance with clause (i); and (II) 4 members shall be elected by the class B stockholders, in accordance with the bylaws of the Corporation. (B) Terms.--Each member of the Board shall be elected or appointed for a 4-year term, except that the members of the initial Board shall be elected or appointed for the following terms: (i) Of the 3 members appointed by the President-- (I) 1 member shall be appointed for a 2-year term; (II) 1 member shall be appointed for a 3-year term; and (III) 1 member shall be appointed for a 4-year term; as designated by the President at the time of the appointments. (ii) Of the 6 members elected by the class A stockholders-- (I) 2 members shall each be elected for a 2-year term; (II) 2 members shall each be elected for a 3-year term; and (III) 2 members shall each be elected for a 4-year term. (iii) If class B stock is issued and 4 additional members are elected by the class B stockholders-- (I) 1 member shall be elected for a 2-year term; (II) 1 member shall be elected for a 3-year term; and (III) 2 members shall each be elected for a 4-year term. (C) Qualifications.--Each member appointed by the President shall have expertise in 1 or more of the following areas: (i) Native American housing and economic development matters. (ii) Financing in Native American communities. (iii) Native American governing bodies, legal infrastructure, and judicial systems. (iv) Restricted and trust land issues, economic development, and small consumer loans. (D) Members of indian tribes.--Not less than 2 of the members appointed by the President shall be members of different, federally-recognized Indian tribes
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