25 U.S.C. § 4306a — Indian community development initiatives

(a) Interagency coordination. Within 1 year after December 30, 2020, the Secretary^*, the Secretary of the Interior, and the Secretary of the Treasury must coordinate to do five things. (1) They must develop initiatives that: (A) encourage, promote, and educate people about investing in Indian^* communities through the Bureau of Indian Affairs loan-guarantee program, programs using the Community Development Financial Institutions Fund, and other capital-development programs; (B) examine and develop alternatives that could qualify as collateral for financing in Indian communities; and (C) provide entrepreneur and other economic-development training through tribally controlled colleges and universities and other Indian organizations experienced in providing that training. (2) They must consult Indian Tribes and the Securities and Exchange Commission to study and work together on regulatory changes needed to qualify an Indian Tribe^* as an accredited investor under sections 230.500 through 230.508 of title 17, Code of Federal Regulations, or successor rules. The changes must promote capital formation and ensure that qualifying Indian Tribes can withstand investment losses on a basis comparable to other non-natural-person legal entities that qualify as accredited investors. (3) They must identify regulatory, legal, and other barriers to increased investment, business, and economic development, including barriers involving collateral structures, measures of economic strength, and contributions of Indian economies through the Authority established under section 4 of the Indian Tribal Regulatory Reform and Business Development Act of 2000. (4) They must ensure consultation with Indian Tribes about increasing investment in Indian communities and preparing the report required by paragraph (5). (5) At least once every 2 years, they must report to Congress on: (A) improvements to Indian communities from these initiatives and recommendations for sustained Tribal economic growth; (B) the study and collaboration on the changes described in paragraph (2), and the effect of allowing Indian Tribes to qualify as accredited investors; and (C) the regulatory, legal, and other barriers identified under paragraph (3). (b) Waiver. For assistance under section 4707 of title 12 that benefits Native Community Development Financial Institutions, as the Secretary of the Treasury defines that term, section 4707(e) of title 12 does not apply. (c) Indian Economic Development Feasibility Study. (1) In general. The Government Accountability Office^* must conduct a study and, within 18 months after December 30, 2020, send the Senate Committee on Indian Affairs and the House Committee on Natural Resources a report containing its findings and recommendations. (2) Contents. The study must assess each of these: (A) In general. Current federal capitalization programs and related services available to help Indian communities with business and economic development, including manufacturing, physical infrastructure such as telecommunications and broadband, community development, and facilities construction. For each program or service, it must assess current Tribal, individual, business, and community use and demand; the capital needs of Tribes, businesses, and communities for economic development; overlap or duplication; and how similar programs have been used for non-Indian communities compared with Indian communities. (B) Financing assistance. It must assess and quantify assistance to non-Indian borrowers and to Indian borrowers, both Tribal and individual, through loan, loan-guarantee, and bond-guarantee programs of: (i) the Department of the Interior; (ii) the Department of Agriculture; (iii) the Department of Housing and Urban Development; (iv) the Department of Energy; (v) the Small Business Administration; and (vi) the Treasury Department’s Community Development Financial Institutions Fund. The assessment must include assistance as a percentage of need for Indian and non-Indian borrowers, assistance as a percentage of all applicants, and assistance to Indian individuals compared with assistance to Indian Tribes. (C) Tax incentives. It must assess and quantify assistance and allocations for non-Indian and Indian projects under: (i) the New Markets Tax Credit; (ii) the Low-Income Housing Tax Credit; (iii) the Investment Tax Credit; (iv) renewable-energy tax incentives; and (v) accelerated depreciation. (D) Tribal investment incentive. It must assess alternative incentives that could enable and encourage Tribal governments to invest in an Indian community development investment fund or bank.