Indian Financing Act of 1974
Latest action. public lawWhat a bill becomes when enacted, numbered by Congress and order of enactment: Public Law 119-4 is the 4th law of the 119th Congress.Read the full definition (opens a new tab) 93-262.
(LATEST SUMMARY) Indian Financing Act - =Title I: Indian Revolving Loan Fund= - Establishes an Indian Revolving Loan Fund. Provides that the fund shall be available for loans to Indians having a form of organization that is satisfactory to the Secretary of the Interior and to other eligible Indians. States that loans may be made for any purpose which will promote the economic development of the individual Indian borrower, including loans for educational purposes, and the economic development of the Indian organizations. Sets out the terms and conditions of such loans. =Title II: Loan Guaranty and Insurance= - Authorizes the Secretary of the Interior to guarantee up to 90 percent of the unpaid principal and interest due on any loan made to any organization of Indians or to individual Indians or in lieu of such guaranty, to insure such loans. Requires the Secretary to fix premium charges for the insurance and guarantee of loans at such a rate as will adequately cover expenses and probable losses. Sets out the terms and conditions of loan guarantees and insurance. Makes provision for the eventuality of a default on a loan guaranteed under the provisions of this Act. Requires lenders and holders of guaranty certificates to maintain adequate accounting records and to adequately service guaranteed or insured loans. Authorizes the Secretary, with respect to matters arising out of the guaranty or insurance program authorized by this Act, to sue and be sued in his official capacity in any court of competent jurisdiction. Provides that the Secretary may buy and sell property. Creates an Indian Loan Guaranty and Insurance Fund which shall be available to the Secretary without fiscal year limitation for carrying out the provisions of this Act. =Title III: Interest Subsidies and Administrative Expenses= - Authorizes the Secretary to pay interest subsidies on loans which are guaranteed or insured under the provisions of title II of this Act. =Title IV: Indian Business Grants= - Establishes within the Department of the Interior, the Indian Business Development Program for the purpose of stimulating and increasing Indian entrepreneurship and employment by providing equity capital to aid in establishing and expanding Indian-owned economic enterprises on or near reservations. =Title V:= Requires the Secretary to insure that any loan or grant applicant be provided with competent management and technical assistance consistent with the nature of the enterprise being funded.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Public Law" stage on April 12, 1974. It describes the bill, it is not the legal text.
Public law 93-262.
Civibrief does not map this action to a stage in the process. See the official record.
Where is it in the process, and what happens next?
The latest action on file does not map to a stage Civibrief recognizes, so the page will not name one. The record's own words are the reliable fact here.
The record's latest action, on April 12, 1974: Public law 93-262.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 93rd Congress (1973-74), 651 of the 23,396 bills and joint resolutions introduced became law, about 2.8 percent. That count covers every measure at every stage, including the many that never left committee.
This one has no outstanding steps listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
HENRY JACKSON (D-WA) introduced it on March 22, 1973, and 2 members have since signed on as cosponsors.
They are 2 Democrats.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on March 22, 1973, 19530 days ago. The most recent recorded action was 19144 days ago, on April 12, 1974.
Measures do not carry over. Anything the 93rd Congress has not finished by January 3, 1975 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- SenatePublic law 93-262.
- HouseNot stated in the latest action
- PresidentNot stated in the latest action