PAYMENT OF INTEREST ON INDIVIDUAL INDIAN MONEY ACCOUNTS.

SEC. 103. PAYMENT OF INTEREST ON INDIVIDUAL INDIAN MONEY ACCOUNTS. (a) Payment of Interest.—The first section of the Act of February 12, 1929 (25 U.S.C. 161a), is amended— (1) by striking out “That all” and inserting in lieu thereof “That (a) all”; and (2) by adding after subsection (a) (as designated by paragraph (1) of this subsection) the following: “(b) All funds held in trust by the United States and carried in principal accounts on the books of the United States Treasury to the credit of individual Indians shall be invested by the Secretary of the Treasury, at the request of the Secretary of the Interior, in public debt securities with maturities suitable to the needs of the fund involved, as determined by the Secretary of the Interior, and bearing interest at rates determined by the Secretary of the Treasury, taking into consideration current market yields on outstanding marketable obligations of the United States of comparable securities.” . (b) Withdrawal Authority.—The second sentence of subsection (a) of the first section of the Act of June 24, 1938 (25 U.S.C. 162a), is amended by inserting “to withdraw from the United States Treasury and” after “prescribe,”. (c) Technical Correction.—The second subsection (b) of the first section of the Act of June 24, 1938 (25 U.S.C. 162a), as added by section 302 of Public Law 101–644 (104 Stat. 4667), is hereby redesignated as subsection (c). (d) Effective Date.—The amendment made by subsection (a) shall apply to interest earned on amounts deposited or invested on or after the date of the enactment of this Act.