text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Indian Trust Asset and Trust Fund 
  Management and Reform Act of 2002''.
  
  SEC. 2. DEPUTY SECRETARY FOR TRUST MANAGEMENT AND REFORM.
  
      (a) Definitions.--Section 2 of the American Indian Trust Fund 
  Management Reform Act of 1994 (25 U.S.C. 4001) is amended--
              (1) in paragraph (1), by striking ``(1) The term'' and 
          inserting the following:
              ``(8) Special trustee.--The term'';
              (2) in paragraph (2), by striking ``(2) The term'' and 
          inserting the following:
              ``(4) Indian tribe.--The term'';
              (3) in paragraph (3), by striking ``(3) The term'' and 
          inserting the following:
              ``(7) Secretary.--The term'';
              (4) in paragraph (4), by striking ``(4) The term'' and 
          inserting the following:
              ``(5) Office.--The term'';
              (5) in paragraph (5), by striking ``(5) The term'' and 
          inserting the following:
              ``(1) Bureau.--The term'';
              (6) in paragraph (6), by striking ``(6) The term'' and 
          inserting the following:
              ``(2) Department.--The term'';
              (7) by adding at the end the following:
              ``(3) Deputy secretary.--The term `Deputy Secretary' means 
          the Deputy Secretary for Trust Management and Reform appointed 
          under section 307(a)(2).
              ``(6) Reform office.--The term `Reform Office' means the 
          Office of Trust Reform Implementation and Oversight established 
          by section 307(e).'';
              (8) by moving paragraphs (1) through (8) (as redesignated 
          by this subsection) so as to appear in numerical order; and
              (9) by adding at the end the following:
              ``(9) Trust assets.--The term `trust assets' means all 
          tangible property including land, minerals, coal, oil and gas, 
          forest resources, agricultural resources, water and water 
          sources, and fish and wildlife held by the Secretary for the 
          benefit of an Indian tribe or an individual member of an Indian 
          tribe pursuant to Federal law.
              ``(10) Trust funds.--The term `trust funds' means all funds 
          held by the Secretary for the benefit of an Indian tribe or and 
          individual member of an Indian tribe pursuant to Federal 
          law.''.
      (b) Deputy Secretary for Trust Management and Reform.--Title III of 
  the American Indian Trust Fund Management Reform Act of 1994 (25 U.S.C. 
  4041 et seq.) is amended by adding at the end the following:
  
  ``SEC. 307. DEPUTY SECRETARY FOR TRUST MANAGEMENT AND REFORM.
  
      ``(a) Establishment.--
              ``(1) In general.--There is established within the 
          Department the position of Deputy Secretary for Trust 
          Management and Reform.
              ``(2) Appointment and removal.--
                      ``(A) Appointment.--The Deputy Secretary shall be 
                  appointed by the President, by and with the advice and 
                  consent of the Senate.
                      ``(B) Term.--The Deputy Secretary shall be 
                  appointed for a term of 6 years.
                      ``(C) Removal.--The Deputy Secretary may be removed 
                  only for good cause.
              ``(3) Administrative authority.--The Deputy Secretary shall 
          report directly to the Secretary.
              ``(4) Compensation.--The Deputy Secretary shall be paid at 
          a rate determined by the Secretary to be appropriate for the 
          position, but not less than the rate of basic pay prescribed 
          for Level II of the Executive Schedule under section 5313 of 
          title 5, United States Code.
      ``(b) Duties.--The Deputy Secretary shall--
              ``(1) oversee all trust fund and trust asset matters of the 
          Department, including--
                      ``(A) administration and management of the Reform 
                  Office; and
                      ``(B) financial and human resource matters of the 
                  Reform Office; and
              ``(2) engage in appropriate government-to-government 
          relations and consultations with Indian tribes and individual 
          trust asset and trust fund account holders on matters involving 
          trust asset and trust fund management and reform within the 
          Department.
      ``(c) Staff.--In carrying out this section, the Deputy Secretary 
  may hire such staff having expertise in trust asset and trust fund 
  management, financial organization and management, and tribal policy as 
  the Deputy Secretary determines is necessary to carry out this section.
      ``(d) Effect on Duties of Other Officials.--
              ``(1) In general.--Except as provided in paragraph (2), 
          nothing in this section shall be construed to diminish any 
          responsibility or duty of the Assistant Secretary of the 
          Interior for Indian Affairs or the Special Trustee relating to 
          any duty of the Assistant Secretary or Special Trustee 
          established under this Act or any other provision of law.
              ``(2) Trust asset and trust fund management and reform.--
          Notwithstanding any other provision of law, the Deputy 
          Secretary shall have overall management and oversight authority 
          on matters of the Department relating to trust asset and trust 
          fund management and reform.
      ``(e) Office of Trust Reform Implementation and Oversight.--
              ``(1) Establishment.--There is established within the 
          Office of the Secretary the Office of Trust Reform 
          Implementation and Oversight.
              ``(2) Reform office head.--The Reform Office shall be 
          headed by the Deputy Secretary.
              ``(3) Duties.--The Reform Office shall--
                      ``(A) supervise and direct the day-to-day 
                  activities of the Assistant Secretary of the Interior 
                  for Indian Affairs, the Special Trustee, the Director 
                  of the Bureau of Land Management, and the Director of 
                  the Minerals Management Service, to the extent they 
                  administer or manage any Indian trust assets or funds;
                      ``(B) administer, in accordance with title II, all 
                  trust properties, funds, and other assets held by the 
                  United States for the benefit of Indian tribes and 
                  individual members of Indian tribes;
                      ``(C) require the development and maintenance of an 
                  accurate inventory of all trust funds and trust assets;
                      ``(D) ensure the prompt posting of revenue derived 
                  from a trust fund or trust asset for the benefit of 
                  each Indian tribe (or individual member of each Indian 
                  tribe) that owns a beneficial interest in the trust 
                  fund or trust asset;
                      ``(E) ensure that monthly statements of accounts 
                  are provided to all trust fund account holders;
                      ``(F) ensure that all trust fund accounts are 
                  audited at least annually, and more frequently as 
                  determined to be necessary by the Deputy Secretary;
                      ``(G) ensure that the Assistant Secretary of the 
                  Interior for Indian Affairs, the Special Trustee, the 
                  Director of the Bureau of Land Management, and the 
                  Director of the Minerals Management Service provide to 
                  the Secretary current and accurate information relating 
                  to the administration and management of trust funds and 
                  trust assets;
                      ``(H) provide for regular consultation with trust 
                  fund account holders on the administration of trust 
                  funds and trust assets to ensure, to the maximum extent 
                  practicable in accordance with applicable law, the 
                  greatest return on those funds and assets for the trust 
                  fund account holders; and
                      ``(I) enter into contracts and compacts under 
                  section 102 of the Indian Self-Determination Act (25 
                  U.S.C. 450f) or section 403 of the Indian Self 
                  Determination and Education Assistance Act (25 U.S.C. 
                  458cc) to provide for the management of trust assets 
                  and trust funds by Indian tribes pursuant to a Trust 
                  Fund and Trust Asset Management and Monitoring Plan 
                  developed under section 202 of this Act.
      ``(f) Authorization of Appropriations.--There are authorized to be 
  appropriated such sums as are necessary to carry out this section.''.
      (c) Advisory Board.--
              (1) In general.--Section 306 of the American Indian Trust 
          Fund Management Reform Act of 1994 (25 U.S.C. 4046) is amended 
          to read as follows:
  
  ``SEC. 306. ADVISORY BOARD.
  
      ``(a) Establishment and Membership.--Notwithstanding any other 
  provision of law, the Deputy Secretary described in section 307 shall 
  establish an advisory board to provide advice on all matters within the 
  jurisdiction of the Office of Trust Reform. The advisory board shall 
  consist of 9 members, appointed by the Deputy Secretary after 
  consultation with Indian tribes and appropriate Indian organizations, 
  of which--
              ``(1) 5 members shall represent trust fund account holders, 
          including both tribal and Individual Indian Money accounts;
              ``(2) 2 members shall have practical experience in trust 
          fund and financial management;
              ``(3) 1 member shall have practical experience in fiduciary 
          investment management; and
              ``(4) 1 member, from academia, shall have knowledge of 
          general management of large organizations.
      ``(b) Term.--Each member shall serve a term of 2 years.
      ``(c) FACA.--The advisory board shall not be subject to the Federal 
  Advisory Committee Act.''.
              (2) Previous advisory board.--The advisory board authorized 
          under section 306 of the American Indian Trust Fund Management 
          Reform Act of 1994 (25 U.S.C. 4046) as in effect on the day 
          before the date of enactment of this Act shall terminate on the 
          date of enactment of this Act.
      (d) Conforming Amendments.--
              (1) Section 302 of the American Indian Trust Fund 
          Management Reform Act of 1994 (25 U.S.C. 4042) is amended--
                      (A) in the second sentence of subsection (a), by 
                  striking ``who shall'' and inserting ``who, except as 
                  provided in subsection (b)(3), shall''; and
                      (B) in subsection (b), by adding at the end the 
                  following:
              ``(3) Trust fund management.--The Special Trustee shall 
          report directly to the Deputy Secretary with respect to matters 
          relating to trust fund management and reform.''.
              (2) Section 303 of the American Indian Trust Fund 
          Management Reform Act of 1994 (25 U.S.C. 4043) is amended--
                      (A) by striking subsection (a);
                      (B) in subsection (b)(1), by striking ``The Special 
                  Trustee'' and inserting ``Except as provided in section 
                  307(d), the Special Trustee'';
                      (C) in subsection (c)(5)(A), by striking ``or which 
                  is charged with any responsibility under the 
                  comprehensive strategic plan prepared under subsection 
                  (a) of this section,'';
                      (D) by striking subsection (f); and
                      (E) by redesignating subsections (b) through (e) as 
                  subsections (a) through (d), respectively.
  
  SEC. 3. INDIAN PARTICIPATION IN TRUST FUND ACTIVITIES.
  
      Title II of the American Indian Trust Fund Management Reform Act of 
  1994 (25 U.S.C. 4021 et seq.) is amended--
              (1) by striking sections 202 and 203; and
              (2) by inserting after section 201 the following:
  
  ``SEC. 202. PARTICIPATION IN TRUST FUND AND TRUST ASSET MANAGEMENT 
                ACTIVITIES BY INDIAN TRIBES.
  
      ``(a) Planning Program.--To meet the purposes of this title, a 10-
  year Indian Trust Fund and Trust Asset Management and Monitoring Plan 
  (in this section referred to as the `Plan') shall be developed and 
  implemented as follows:
              ``(1) Pursuant to a self-determination contract or compact 
          under section 102 of the Indian Self-Determination Act (25 
          U.S.C. 450f) or section 403 of the Indian Self Determination 
          and Education Assistance Act (25 U.S.C. 458cc), an Indian tribe 
          may develop or implement a Plan. Subject to the provisions of 
          paragraphs (3) and (4), the tribe shall have broad discretion 
          in designing and carrying out the planning process.
              ``(2) To include in a Plan particular trust funds or assets 
          held by multiple individuals, an Indian tribe shall obtain the 
          approval of a majority of the individuals who hold an interest 
          in any such trust funds or assets.
              ``(3) The Plan shall be submitted to the Secretary for 
          approval pursuant to the Indian Self-Determination Act (25 
          U.S.C. 450f et seq.).
              ``(4) If a tribe chooses not to develop or implement a 
          Plan, the Secretary shall develop or implement, as appropriate, 
          a Plan in close consultation with the affected tribe.
              ``(5) Whether developed directly by the tribe or by the 
          Secretary, the Plan shall--
                      ``(A) determine the amount and source of funds held 
                  in trust;
                      ``(B) identify and prepare an inventory of all 
                  trust assets;
                      ``(C) identify specific tribal goals and 
                  objectives;
                      ``(D) establish management objectives for the funds 
                  and assets held in trust;
                      ``(E) define critical values of the Indian tribe 
                  and its members and provide identified management 
                  objectives;
                      ``(F) identify actions to be taken to reach 
                  established objectives;
                      ``(G) use existing survey documents, reports and 
                  other research from Federal agencies, tribal community 
                  colleges, and land grant universities; and
                      ``(H) be completed within 3 years of the initiation 
                  of activity to establish the Plan.
      ``(b) Management and Administration.--Plans developed and approved 
  under subsection (a) shall govern the management and administration of 
  funds and assets held in trust by the Bureau and the Indian tribal 
  government.
      ``(c) No Termination Requirement.--Indian tribes implementing an 
  approved Plan shall not be required to terminate the trust relationship 
  in order to implement such Plan.
      ``(d) Plan Does Not Terminate Trust.--Developing or implementing a 
  Plan shall not be construed or deemed to constitute a termination of 
  the trust status of the assets or funds that are included in, or 
  subject to, the Plan.
      ``(e) Liability.--An Indian tribe managing and administering trust 
  funds and trust assets in a manner that is consistent with a Plan shall 
  not be liable for waste or loss of an asset or funds that are included 
  in such Plan.
      ``(f) Indian Participation in Management Activities.--
              ``(1) Tribal recognition.--The Secretary shall conduct all 
          management activities of funds and assets held in trust in 
          accordance with goals and objectives set forth in a Plan 
          approved pursuant to and in accordance with all tribal laws and 
          ordinances, except in specific instances where such compliance 
          would be contrary to the trust responsibility of the United 
          States.
              ``(2) Tribal laws.--
                      ``(A) In general.--Unless otherwise prohibited by 
                  Federal law, the Secretary shall comply with tribal law 
                  pertaining to the management of funds and assets held 
                  in trust.
                      ``(B) Duties.--The Secretary shall--
                              ``(i) provide assistance in the enforcement 
                          of tribal laws described in subparagraph (A);
                              ``(ii) provide notice of such tribal laws 
                          to persons or entities dealing with tribal 
                          funds and assets held in trust; and
                              ``(iii) upon the request of an Indian 
                          tribe, require appropriate Federal officials to 
                          appear in tribal forums.
              ``(3) Waiver of regulations.--In any case in which a 
          regulation or administrative policy of the Department of the 
          Interior conflicts with the objectives of the Plan, or with a 
          tribal law, the Secretary may waive the application of such 
          regulation or administrative policy unless such waiver would 
          constitute a violation of a Federal statute or judicial 
          decision or would conflict with the Secretary's trust 
          responsibility under Federal law.
              ``(4) Sovereign immunity.--This section does not constitute 
          a waiver of the sovereign immunity of the United States, nor 
          does it authorize tribal justice systems to review actions of 
          the Secretary.
              ``(5) Trust responsibility.--Nothing in this section shall 
          be construed to diminish or expand the trust responsibility of 
          the United States toward Indian funds and assets held in trust, 
          or any legal obligation or remedy resulting from such funds and 
          assets.
      ``(g) Report.--
              ``(1) In general.--Not later than 180 days after the 
          enactment of this section, and annually thereafter, the 
          Secretary shall submit a report to the Committee on Indian 
          Affairs of the Senate and the Committee on Resources of the 
          House of Representatives.
              ``(2) Contents.--The report required under paragraph (1) 
          shall detail the following:
                      ``(A) The efforts of the Department to implement 
                  this section.
                      ``(B) The nature and extent of consultation between 
                  the Department, Tribes, and individual Indians with 
                  respect to implementation of this section.
                      ``(C) Any recommendations of the Department for 
                  further changes to this Act, accompanied by a record of 
                  consultation with Tribes and individual Indians 
                  regarding such recommendations.''.
  
  SEC. 4. REGULATIONS.
  
      (a) In General.--Not later than 1 year after the date of enactment 
  of this Act, the Secretary of the Interior shall promulgate regulations 
  to carry out the amendments made by this Act.
      (b) Active Participation.--All regulations promulgated in 
  accordance with subsection (a) shall be developed with the full and 
  active participation of Indian tribes that have trust funds and assets 
  held by the Secretary.
target: Indian Trust Asset and Trust Fund Management and Reform Act of 2002 - Amends the American Indian Trust Fund Management Reform Act of 1994 to create the position of Deputy Secretary for Trust Management and Reform within the Department of the Interior to oversee all Indian trust fund and trust asset matters and to consult with Indian tribes and individual trust asset and trust fund account holders. Directs the Deputy Secretary to establish an advisory board on matters within the jurisdiction of the Office of Trust Reform.Establishes within the office of the Secretary the Office of Trust Reform Implementation and Oversight, headed by such Deputy Secretary, to supervise and direct day-to-day activities concerning such assets or funds, including providing accurate inventories, revenue postings, monthly statements, and annual audits.Requires the development and implementation of a ten-year Indian Trust Fund and Trust Asset Management and Monitoring Plan by either an Indian tribe or the Secretary (in close consultation with the tribe). Requires the Plan to: (1) determine the amount and source of trust funds; (2) inventory trust assets; and (3) identify tribal and management objectives along with the actions necessary to achieve them. States that the trust relationship and an approved Plan can coexist.Requires the Secretary to manage funds and assets in accordance with such plan and tribal laws, unless compliance would be contrary to the trust responsibility or otherwise prohibited by Federal law. Requires the active participation of Indian tribes in the promulgation of regulations concerning such funds and assets.
feat_title: A bill to establish a direct line of authority for the Office of Trust Reform Implementations and Oversight to oversee the management and reform of Indian trust funds and assets under the jurisdiction of the Department of the Interior, and to advance tribal management of such funds and assets, pursuant to the Indian Self-Determinations Act and for other purposes.