TRANSFER OF FUNCTIONS.

SEC. 503. TRANSFER OF FUNCTIONS. Section 1514 of the American Indian, Alaska Native, and Native Hawaiian Culture and Art Development Act (20 U.S.C. 4421) is amended— (1) by striking subsections (d), (e), and (f); and (2) by adding at the end the following new subsection (d): “(d) Forgiveness of Amounts Owed; Hold Harmless.—(1) Subject to paragraph (2)— “(A) the Institute shall be responsible for all obligations of the Institute incurred after June 2, 1988, and “(B) the Secretary shall be responsible for all obligations of the Institute incurred on or before June 2, 1988, including those which accrued by reason of any statutory, contractual, or other reason prior to June 2, 1988, which became payable within two years of June 2, 1988. “(2) With respect to all programs of the Federal Government, in whatever form or from whatever source derived, the Institute shall only be held responsible for actions and requirements, either administrative, regulatory, or statutory in nature, for events which occurred after July 1, 1988, including the submission of reports, audits, and other required information. The United States may not seek any monetary damage or repayment for the commission of events, or omission to comply with either administrative or regulatory requirements, for any action which occurred prior to June 2, 1988.”.