FEDERALhearing transcript

Senate Hearing: Economic Development Tools for Tribal Communities

Original title: BUILDING OUT INDIAN COUNTRY: TOOLS FOR COMMUNITY DEVELOPMENT

January 1, 2019

economic development tribal affairs small business federal funding banking unemployment

Track this bill to get notified when it advances a stage. One tap to stop, anytime.

The Frame

What this does

The hearing highlights the legislative push for the Indian Community Economic Enhancement Act (S. 212), which seeks to reduce federal bureaucracy and increase capital access for Native American entrepreneurs.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Native American business owners

They face challenges in accessing traditional startup capital and are the primary targets of the proposed economic enhancement legislation.

Native Community Development Financial Institutions (CDFIs)

The proposed legislation would remove the requirement for these institutions to provide matching funds for federal assistance.

What changed

Last recorded activity January 1, 2019.

What's next

Next step not available in the current record.

Summary

The Senate Committee on Indian Affairs held an to discuss federal financing tools, such as loans and grants, available to support tribal businesses and community development. The hearing focused on overcoming barriers to capital access, including land title issues and limited traditional lending in Indian Country.

Key Facts

The hearing addressed the 'Indian Community Economic Enhancement Act of 2019' (S. 212), which aims to increase capital access and reduce federal bureaucracy for tribal businesses.
S. 212 proposes to elevate the Director of Indian Programs in the Department of Commerce.
S. 212 proposes to permanently waive the matching cost-share requirement for Native Community Development Financial Institutions (CDFIs) receiving Treasury assistance.
The Committee reported S. 212 favorably on January 29, 2019.
Native American unemployment was reported at 7.8 percent, compared to the national rate of 3.8 percent.
A Census Bureau survey found nearly two-thirds of Native American businesses rely on personal savings or credit cards for startup capital due to lack of bank loan access.
Tribal economic development is hindered by land title issues and difficulties in collateralizing tribal assets.
North Dakota received approximately $6.1 million in CDFI Fund awards for community development since 1996.

Frequently Asked Questions

What is the main goal of the Indian Community Economic Enhancement Act?

The bill aims to increase access to capital for Native entrepreneurs, attract businesses to tribal communities, and reduce federal bureaucracy.

Why do Native American businesses struggle to get bank loans?

Challenges include land title issues, difficulty using tribal assets as collateral, and a general lack of interest from traditional lenders in rural tribal areas.

Why It Matters

News Coverage

No news coverage found yet. Articles are indexed twice daily.

Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Reduction of Matching Requirements

The proposed legislation seeks to permanently remove the matching cost-share requirement for Native CDFIs, signaling a shift toward lowering barriers for tribal financial institutions.

U.S. Department of the Treasury Indian Community Economic Enhancement Act of 2019

Connected Entities

organizationU.S. Department of the Interior“Oversees Indian Affairs”Map →

personJohn Hoeven“Chairman of the Committee on Indian Affairs”Map →

organizationU.S. Department of Commerce“Federal agency involved in tribal economic development initiatives”Map →

organizationU.S. Department of Agriculture“Involved in rural development”Map →

organizationU.S. Department of the Treasury“Oversees the CDFI Fund”Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100

Significance65
How much this matters to a regular citizen
Controversy15
Intensity of disagreement among stakeholders
Entertainment5
Compellingness for a non-policy-wonk reader
Buzz10
Current news / social attention level

Publisher tools