Today, the Subcommittee on Indian and Insular Affairs held an oversight hearing on ways to foster economic diversification in Indian Country to create prosperous tribal economies. Subcommittee Chair Harriet Hageman (R-Wyo.) issued the following statement in response:

"A diverse economy is foundational to a vibrant, resilient, flourishing community. Today’s hearing marks the first of many steps towards expanding tribal self-determination of economies that will reap generational benefits for their members. My subcommittee is committed towards eliminating the barriers that hinder tribal leaders from harnessing the full potential of their land and resources and generating revenue streams that are then invested back into the community. I thank today’s witnesses for their thoughtful and enlightening insight as we work towards viable solutions to the challenges Indian Country faces."

Background

A diversified economy is not rooted in a monopoly or single revenue generator and instead will engage various types of businesses and provide multiple streams of economic opportunity. This allows communities to withstand changes in the economy and create sustainable growth over the long term.

Many Native American tribes have focused on developing diversified economies that support tribal government operations. However, the regulatory complexity of operating in Indian Country and the lack of clarity on certain regulatory standards for tribal organizations and businesses has had detrimental impacts on entrepreneurship, investment and economic activity.

For many Indian tribes and Alaska Natives, real property holdings are the basis for social, cultural and religious life and often it is their single most important economic resource. Unfortunately, land use restrictions on Indian lands often limit the opportunity for natural resource development. Native-led tourism has also seen recent growth but faces challenges like capital investment and marketing inclusion. 

Today's hearing was a chance for committee members to learn more about these challenges and the solutions that might further improve economic opportunities in tribal economies.