S.439 - Indian Development Finance Corporation Act111th Congress (2009-2010)
|Sponsor:||Sen. Inouye, Daniel K. [D-HI] (Introduced 02/13/2009)|
|Committees:||Senate - Indian Affairs|
|Latest Action:||Senate - 04/29/2010 Committee on Indian Affairs. Hearings held. Hearings printed: S.Hrg. 111-631. (All Actions)|
This bill has the status Introduced
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Summary: S.439 — 111th Congress (2009-2010)All Information (Except Text)
Introduced in Senate (02/13/2009)
Indian Development Finance Corporation Act - Establishes the Indian Development Finance Corporation to take certain actions, including: (1) providing development capital through financial services under this Act; (2) encouraging the development of new and existing Indian business enterprises eligible to receive assistance from the Corporation; and (3) otherwise assisting in strengthening Indian tribal economies through the development of Indian business enterprises.
Authorizes the Corporation to: (1) make loans or commitments for loans to any Indian business enterprise; (2) purchase, insure, or discount any obligation of an Indian business enterprise if the enterprise meets specified requirements; (3) purchase, or make commitments to purchase, any portion of the equity or ownership interest in the Indian business enterprise for purposes of providing long-term capital and working capital; and (4) supervise or participate in the management of an Indian business enterprise in which such an investment has been made.
Authorizes the Corporation to issue shares of stock. Requires the stock to be issued only to, and held only by, an Indian tribe or the federal government. Directs the Secretary of the Interior to: (1) initially subscribe to at least $20 million in stock and; and (2) beginning in FY2012, subscribe to $80 million in stock (unless the Corporation's board requests a smaller amount). Makes all stock subscribed to by the Secretary nonvoting and prohibits that stock from accruing dividends.