Indian Financing Act of 1970: A Bill for Financing Economic Development of Indians and Indian Organizations, 1971-01-01 - 1971-12-31

Item — Box: LG 67, Folder: 21

Identifier: CAC_CC_009_2_67_21_0029

Staff Only

Indian Financing Act of 1970: A Bill for Financing Economic Development of Indians and Indian Organizations, 1971-01-01 - 1971-12-31

The document is a bill introduced in the House of Representatives in 1970 called the "Indian Financing Act of 1970". It aims to provide capital to help develop and utilize Indian resources, improve their standard of living, and integrate them into American society. The bill establishes an Indian Revolving Loan Fund to provide credit for economic development to individual Indian borrowers and Indian organizations. Loans can only be made when there is a reasonable prospect of repayment, and tribes must use their own funds before accessing the revolving loan fund. Loans have a maximum term of thirty years and bear interest at a rate determined by the Secretary of the Treasury. The Secretary is also responsible for paying interest on outstanding loans from the fund.