SECTION 1. SHORT TITLE.

    This Act may be cited as the ``American Indian Trust Fund 
Management Reform Act Amendments''.

SEC. 2. DEFINITIONS.

    Section 2 of the American Indian Trust Fund Management Reform Act 
of 1994 (25 U.S.C. 4001) is amended by adding at the end the following:
            ``(7) The term `Commission' means the Indian Trust Reform 
        Commission established under section 303.''.

SEC. 3. OFFICE OF SPECIAL TRUSTEE FOR AMERICAN INDIANS, INDIAN TRUST 
              REFORM COMMISSION.

    (a) Office of Special Trustee for American Indians.--
            (1) In general.--Section 302 of the American Indian Trust 
        Fund Management Reform Act of 1994 (25 U.S.C. 4042) is amended 
        by striking subsection (c) and inserting the following:
    ``(c) Term of Special Trustee.--The Special Trustee shall serve for 
a term of 2 years.''.
            (2) Conforming amendment.--Section 306 of the American 
        Indian Trust Fund Management Reform Act (25 U.S.C. 4046) is 
        amended by striking subsection (d).
    (b) Indian Trust Reform Commission.--Section 302 of the American 
Indian Trust Fund Management Reform Act (25 U.S.C. 4042) is amended by 
adding at the end the following:
    ``(d) Indian Trust Fund Reform Commission.--
            ``(1) Establishment.--There is established the Indian Trust 
        Fund Reform Commission.
            ``(2) Membership.--The Commission shall be composed of the 
        following members:
                    ``(A) One member appointed by the Majority Leader 
                of the Senate.
                    ``(B) One member appointed by the Minority Leader 
                of the Senate.
                    ``(C) One member appointed by the Speaker of the 
                House of Representatives.
                    ``(D) One member appointed by the Minority Leader 
                of the House of Representatives.
                    ``(E) One member appointed by the Secretary of the 
                Interior.
            ``(3) Consultation.--Before making an appointment under 
        paragraph (2), each individual referred to in subparagraphs (A) 
        through (D) shall consult with each other individual referred 
        to in those subparagraphs to achieve, to the maximum extent 
        practicable, fair and equitable representation of different 
        interests, with resect to the matters to be studied by the 
        commission, including the interests of Indian tribes, 
        appropriate intertribal organizations, and individual Indian 
        account holders.
            ``(4) Qualifications of members.--
                    ``(A) In general.--Each individual appointed as a 
                member under paragraph (2) shall--
                            ``(i) have legal, accounting, regulatory, 
                        or administrative experience with respect to 
                        trust assets and accounts or comparable 
                        experience in tribal government; or
                            ``(ii) at the time of the appointment, be 
                        an individual who is serving as a member of the 
                        advisory board established under section 
                        306(a).
                    ``(B) Concurrent membership.--A member of the 
                advisory board referred to in subparagraph (A)(ii) may 
                serve concurrently as a member of the Commission.
            ``(5) Chairperson.--Not later than the date on which a 
        majority of the members of the Commission have been appointed 
        (but not later than 75 days after the date of enactment of this 
        subsection) a chairperson of the Commission shall be selected a 
        consensus or majority decision made by the Secretary of the 
        Interior, the Speaker of the House of Representatives, and the 
        Majority Leader of the Senate.
            ``(6) Initial appointments; period of appointment; and 
        vacancies.--
                    ``(A) Initial appointments.--The initial 
                appointment of the members of the Commission shall be 
                made not later than 60 days after the date of enactment 
                of this subsection.
                    ``(B) Period of appointment.--Members shall be 
                appointed for the life of the Commission.
                    ``(C) Vacancies.--Any vacancy in the Commission 
                shall not affect its powers, but shall be filled in the 
                same manner as the original appointment, but not later 
                than 60 days after the date on which the vacancy 
                occurs.
            ``(7) Initial meeting.--Not later than 30 days after the 
        date on which a majority of the members of the Commission have 
        been appointed, the Commission shall hold its first meeting.
            ``(8) Meetings.--The Commission shall meet at the call of 
        the Chairman.
            ``(9) Quorum.--A majority of the members of the Commission 
        shall constitute a quorum, but a lesser number of members may 
        hold hearings.
            ``(10) Duties of the commission.--The Commission shall 
        carry out the duties of the Commission specified in section 
        303(a).
            ``(11) Powers of the commission.--
                    ``(A) Hearings.--The Commission may hold such 
                hearings, sit and act at such times and places, take 
                such testimony, and receive such evidence as the 
                Commission considers advisable to carry out the duties 
                of the Commission under this Act.
                    ``(B) Information from federal agencies.--The 
                Commission may secure directly from any Federal 
                department or agency such information as the Commission 
                considers necessary to carry out the duties of the 
                Commission under this subsection. Upon request of the 
                Chairman of the Commission, the head of such department 
                or agency shall furnish such information to the 
                Commission.
            ``(12)  Postal services.--The Commission may use the United 
        States mails in the same manner and under the same conditions 
        as other departments and agencies of the Federal Government.
            ``(13) Gifts.--The Commission may accept, use, and dispose 
        of gifts or donations of services or property.
            ``(14) Commission personnel matters.--
                    ``(A) Compensation of members.--Each member of the 
                Commission who is not an officer or employee of the 
                Federal Government shall be compensated at a rate equal 
                to the daily equivalent of the annual rate of basic pay 
                prescribed for level IV of the Executive Schedule under 
                section 5315 of title 5, United States Code, for each 
                day (including travel time) during which such member is 
                engaged in the performance of the duties of the 
                Commission. All members of the Commission who are 
                officers or employees of the United States shall serve 
                without compensation in addition to that received for 
                their services as officers or employees of the United 
                States.
                    ``(B) Travel expenses.--The members of the 
                Commission shall be allowed travel expenses, including 
                per diem in lieu of subsistence, at rates authorized 
                for employees of agencies under subchapter I of chapter 
                57 of title 5, United States Code, while away from 
                their homes or regular places of business in the 
                performance of services for the Commission.
            ``(15) Staff.--
                    ``(A) In general.--The Chairman may, without regard 
                to the civil service laws and regulations, appoint and 
                terminate an executive director and such other 
                additional personnel as may be necessary to enable the 
                Commission to perform its duties. The employment of an 
                executive director shall be subject to confirmation by 
                the Commission.
                    ``(B) Compensation.--The Chairman may fix the 
                compensation of the executive director and other 
                personnel without regard to the provisions of chapter 
                51 and subchapter III of chapter 53 of title 5, United 
                States Code, relating to classification of positions 
                and General Schedule pay rates, except that the rate of 
                pay for the executive director and other personnel may 
                not exceed the rate payable for level V of the 
                Executive Schedule under section 5316 of such title.
                    ``(C) Detail of government employees.--Any Federal 
                Government employee may be detailed to the Board 
                without reimbursement, and such detail shall be without 
                interruption or loss of civil service status or 
                privilege.
                    ``(D) Procurement of temporary and intermittent 
                services.--The Chairman may procure temporary and 
                intermittent services under section 3109(b) of title 5, 
                United States Code, at rates for individuals which do 
                not exceed the daily equivalent of the annual rate of 
                basic pay prescribed for level V of the Executive 
                Schedule under section 5316 of such title.''.

SEC. 4. REINVENTION STRATEGY.

    Section 303 of the American Indian Trust Fund Management Act of 
1994 (25 U.S.C. 4043) is amended by striking subsection (a) and 
inserting the following:
    ``(a) In General.--
            ``(1) Reinvention strategy.--
                    ``(A) In general.--Not later than 180 days after a 
                majority of the members of the Commission have been 
                appointed, the Commission, in consultation with Indian 
                tribes and appropriate Indian organizations, shall 
                prepare for submission to the individuals and entities 
                specified in subparagraph (C) in accordance with 
                subparagraph (B) a recommended reinvention strategy for 
                all phases of the trust management business cycle that 
                ensures the proper and efficient discharge of the trust 
                responsibility of the Federal Government to Indian 
                tribes and individual Indians in compliance with this 
                title.
                    ``(B) Adoption.--Not later than 90 days after the 
                date specified in subparagraph (A), the Commission 
                shall--
                            ``(i)(I) meet to consider the reinvention 
                        strategy developed under subparagraph (A); and
                            ``(II)(aa) take a vote concerning the 
                        adoption of the reinvention strategy for 
                        recommendation to the individuals and entities 
                        specified in subparagraph (C), and adopt for 
                        recommendation the reinvention strategy if it 
                        is approved by a majority vote; or
                            ``(bb) modify the reinvention strategy, and 
                        if the modified reinvention strategy is 
                        approved by a majority vote, adopt the modified 
                        reinvention strategy for recommendation to the 
                        individuals and entities specified in 
                        subparagraph (C); and
                            ``(ii) submit a recommended reinvention 
                        strategy to the individuals and entities 
                        specified in subparagraph (C).
                    ``(C) Individuals and entities.--The individuals 
                and entities referred to in subparagraphs (A) and (B) 
                are as follows:
                            ``(i) The advisory commission established 
                        under section 306(a).
                            ``(ii) The Secretary.
                            ``(iii) The Committee on Resources of the 
                        House of Representatives.
                            ``(iv) The Committee on Indian Affairs of 
                        the Senate.
            ``(2) Reinvention strategy requirements.--
                    ``(A) In general.--In preparing the reinvention 
                strategy under this subsection, the Commission shall 
                explicitly consider and include in the report to the 
                individuals and entities described in paragraph (1)(C) 
                findings concerning the following options for 
                fulfilling the obligations of the Federal Government 
                (including the trust obligations of the Federal 
                Government) to Indian tribes and individual Indian 
                account holders:
                            ``(i) The creation of a Government-
                        sponsored enterprise or a federally chartered 
                        corporation to undertake some or all of the 
                        management, accounting, or other parts of the 
                        trust management business cycle.
                            ``(ii) The use of existing or expanded 
                        authority under the Indian Self-Determination 
                        and Education Assistance Act (25 U.S.C. 450 et 
                        seq.) to undertake some or all of the 
                        management, accounting, or other parts of the 
                        trust management business cycle.
                            ``(iii) Requiring the Secretary to contract 
                        directly with private sector entities 
                        (including banks and other private 
                        institutions) to undertake some or all of the 
                        management, accounting, or other parts of the 
                        trust management business cycle.
                            ``(iv) Any combination of the options 
                        described in clauses (i) through (iii) that the 
                        Commission considers to be appropriate.
                    ``(B) Additional requirements.--In addition to 
                meeting the requirements under subparagraph (A), the 
                reinvention strategy shall--
                            ``(i) identify all reforms to the policies, 
                        procedures, practices, and systems of the 
                        Department (including systems of the Bureau, 
                        the Bureau of Land Management, and the Minerals 
                        Management Service) that are necessary to 
                        ensure the proper and efficient discharge of 
                        the trust responsibilities of the Secretary in 
                        compliance with this Act;
                            ``(ii) include provisions to--
                                    ``(I) provide opportunities to 
                                Indian tribes to assist in the 
                                management of their trust accounts; and
                                    ``(II) identify for the Secretary 
                                options for the investment of the trust 
                                accounts of Indian tribes in a manner 
                                consistent with the trust 
                                responsibilities of the Secretary in 
                                compliance with this Act in such manner 
                                as to ensure the promotion of economic 
                                development in the communities of 
                                Indian tribes; and
                            ``(iii) include recommendations concerning 
                        whether the position of Special Trustee should 
                        be continued or made permanent.
            ``(3) Regulatory entity.--
                    ``(A) In general.--Not later than 90 days after 
                approving a reinvention strategy under paragraph (1), 
                the Commission shall recommend to Congress the Federal 
                agency that should be responsible for regulating the 
                trust management activities of the Federal Government, 
                with respect to funds held in trust under this Act, and 
                submit such recommendations for legislation to 
                implement the reinvention strategy as the Commission 
                considers to be appropriate.
                    ``(B) Criteria for recommending regulatory 
                entity.--In determining which regulatory entity to 
                recommend under subparagraph (A), the Commission shall 
                consider--
                            ``(i) the provisions of the recommended 
                        reinvention strategy approved under paragraph 
                        (1); and
                            ``(ii) the similarity of the recommended 
                        reinvention strategy approved under paragraph 
                        (1) and the functions and activities of an 
                        entity regulated by--
                                    ``(I) the Office of the Comptroller 
                                of the Currency;
                                    ``(II) the Board of Governors of 
                                the Federal Reserve System;
                                    ``(III) the Office of Federal 
                                Housing Enterprise Oversight;
                                    ``(IV) the Federal Trade 
                                Commission;
                                    ``(V) the Office of Thrift 
                                Supervision; or
                                    ``(VI) any other Federal agency 
                                charged with the responsibility of 
                                regulating public or private entities 
                                that invest or manage financial 
                                resources.''.
American Indian Trust Fund Management Reform Act Amendments - Amends the American Indian Trust Fund Management Reform Act of 1994 (the Act) to: (1) provide a two-year term of office for the Special Trustee for American Indians; and (2) establish the Indian Trust Fund Reform Commission.  Requires the Commission to prepare for submission to the Secretary of the Interior, specified congressional committees, and the Special Trustee's advisory board a recommended reinvention strategy for all trust management business cycles that ensures the proper and efficient discharge of the trust responsibility of the Federal Government to Indian tribes and individual Indians in compliance with the Act.  Outlines strategy adoption procedures and requirements.  Requires the Commission to: (1) recommend to Congress the Federal agency that should be responsible for regulating such Federal fund management activities; and (2) submit recommendations for legislation to implement the strategy adopted by the Commission.
American Indian Trust Fund Management Reform Act Amendments