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B-243029 1 (1991-03-25)

handle is hein.gao/gaobadnwa0001 and id is 1 raw text is: nComptroller General of the United States Washington, D.C. 20548 Decision Matter of: Liability of Bureau of Indian Affairs for Interest on Individual Indian Monies File: B-243029 Date: March 25, 1991 DIGEST Because the law regarding the investment of Individual Indian Monies (IIM) does not require the payment of interest on IIM accounts, the Bureau of Indian Affairs (Bureau) is not liable to IIM account owners for loss of interest, even that resulting from the Bureau's failure to manage IIM investments properly. The Bureau and tribal representatives should seek legislative settlement of any such claims. DECISION The Acting Deputy Commissioner of Indian Affairs has requested an advance decision on the propriety of paying Individual Indian Monies (IIM) account owners interest income that wouIQ have accrued to their accounts but did not because of the Bureau's management of those accounts. In 1938, the Bureau, acting under authority of 25 U.S.C. § 162a (section 162a),i/ initiated its practice of investing TIM funds. Bureau management and accounting practices, however, may have resulted on occasion in IIM account owners losing interest income. Nevertheless, judicial precedent is unequivocal tha- because section 162a does not require the payment of interest on IIM accounts, the government is not liable to account owners for any loss of interest. 1/ Section 162a authorizes the Secretary of the Interior :c deposit funds held in trust for the benefit of individual Indians, as well as tribal funds, in banks that will pay a reasonable rate of interest on the deposit, and, if he deems it to be in the best interest of the Indians, to invest such funds in any public-debt obligations of the United States and in bonds, notes or other obligations that are unconditionally, guaranteed by the United States. C5 Cfctc 1 14 -5-1f

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