Don Young: “Mr. Speaker, S. 964, the Cheyenne River Sioux Tribe Equitable Compensation Act, addresses a number of specific Indian…”

“Mr. Speaker, S. 964, the Cheyenne River Sioux Tribe Equitable Compensation Act, addresses a number of specific Indian and public land problems that will assist thousands of Americans. Title 1 of this bill will establish a Development Trust Fund in the Treasury of the United States for the Cheyenne River Sioux Tribe as compensation for the taking by condemnation proceedings by the United States of 104,492 acres of tribal lands. The Comptroller General has determined that the appropriate amount of compensation to pay the tribe would be $290,723,000 for this taking. Pursuant to S. 964, that amount and certain interest would be deposited by the Secretary of the Treasury into the Cheyenne River Sioux Tribal Recovery Trust Fund on the first day of the 11th fiscal year that begins after the date of enactment of S. 964. Annual payments will be made to the tribe consisting of the income generated from the investment of the corpus of the trust fund by the Secretary of the Treasury in interest-bearing obligations to the United States.”