A bill to amend the Indian Financing Act of 1974, and for other purposes.
Public Law 100-442 · S. 1360 · 100th Congress · began in the Senate
Signed by Ronald Reagan (R) on Sep 22, 1988 · Native Americans
Sponsor: Sen. Quentin Burdick (D-ND)
Cosponsors (4): Sen. Daniel Inouye, Sen. Daniel Evans,
Passage votes
- HouseVoice vote
- SenateVoice vote
Data notes
The final version of the law, as each chamber passed it. A chamber that passed it by voice vote or unanimous consent has no count. “Method not stated” means the record does not say how the chamber voted. Where the record has a member-by-member vote, the “Who voted for it” section shows who voted yea.
Summary
The Congressional Research Service’s plain-language summary of what the law does.
Amends the Indian Financing Act of 1974 to increase the amount of loans to individual Indians or economic enterprises from $350,000 to $500,000.
Allows the sale or assignment to any person of any loan guaranteed under such Act. Removes the restriction that such sale or assignment is subject to examination or supervision by the United States.
Raises the loan guarantee authorization from $200,000,000 to $500,000,000.
Provides that all collections and all moneys appropriated under such Act will remain available until expended.
Requires that if the Secretary of the Interior determines that the amount in the Indian Loan Guaranty and Insurance Fund is insufficient to maintain an adequate level of reserves, the Secretary must submit a report notifying the Congress of the deficiencies in the Fund.
Authorizes the Secretary to provide a supplemental surety bond guarantee, not to exceed 20 percent of any loss, for any Indian individual or economic enterprise eligible for a surety guarantee under specified provisions of the Small Business Investment Act of 1958, so that the aggregate of the two guarantees is 100 percent. Allows the Secretary to provide such supplemental guarantee only if certain criteria are met, including that the supplemental guarantee is necessary for the Indian individual or economic enterprise to secure a surety bond.
Requires the Secretary to establish fees to be paid by principals and premiums to be paid by sureties and to deposit them in the Fund.
States that the Secretary may guarantee not to exceed 90 percent of the unpaid principal and interest due on an issue of bonds, debentures, or similar obligations issued by an organization satisfactory to the Secretary.
Provides that a contractor of a Federal agency may be allowed an additional amount of compensation equal to five percent of the amount paid to a subcontractor or supplier if such subcontractor or supplier is an Indian organization or Indian-owned economic enterprise.
Committees
The committees the bill was sent to, and what each did with it.
Natural Resources Committee · House · hearings by (full committee), markup by, referred to, reported by
Data notes
A committee links to its page only where it exists in the current Congress; older and renamed committees are named without a link.
Timeline
From introduction to signing, newest first: the committees, the floor and the president. 17 actions.
- Sep 22, 1988Became lawBecame law · Became Public Law No: 100-442.
- Became lawBecame law · Signed by President.
- Sep 13, 1988PresidentPresident · Presented to President.
- Sep 9, 1988Resolving differencesResolving differences · Senate agreed to the House amendments by Voice Vote.
- Aug 8, 1988FloorFloor · Passed House (Amended) by Voice Vote.
- CommitteeCommittee · Reported by House Natural Resources Committee
- Jul 13, 1988CommitteeCommittee · Markup by House Natural Resources Committee
- May 5, 1988CommitteeCommittee · Hearings by House Natural Resources Committee
- Nov 19, 1987CommitteeCommittee · Referred to House Natural Resources Committee
- Nov 17, 1987FloorFloor · Passed Senate with an amendment by Voice Vote.
- FloorFloor · Measure laid before Senate by unanimous consent.
- FloorFloor · Senate vitiated previous passage.
- Nov 5, 1987FloorFloor · Passed Senate with an amendment by Voice Vote.
- Aug 7, 1987CommitteeCommittee · Reported by Senate Indian Affairs Committee
- Jul 30, 1987CommitteeCommittee · Markup by Senate Indian Affairs Committee
- Jun 11, 1987CommitteeCommittee · Referred to Senate Indian Affairs Committee
- IntroducedIntroduced · Introduced in the Senate
Data notes
Shows the introduction, each committee and subcommittee step the source dates (referral, hearings, markup, report, discharge), and the floor, conference, presidential and became-law steps. Calendar placements, messages between the chambers, amendments and committee report numbers are not shown for laws before the 108th Congress. Two entries the source lists twice are shown once.
Official record
The bill’s full text and every action, including introduction and committee steps, are on Congress.gov. Data through Oct 7, 2026.