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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Apr 19, 2012.
Indian Tribal Trade and Investment Demonstration Project Act of 2011 - (Sec. 3) Authorizes the Secretary of the Interior to select up to six Indian tribes or consortia of Indian tribes to participate in an Indian Tribal Trade and Investment Demonstration Project that facilitates trade and financial investment in Indian tribal economies by private entities from Turkey.
Allows participating tribes or consortia to lease land held in trust for them by the federal government without the Secretary's approval if the lease: (1) is in furtherance of a community, economic, or business development undertaking with a Turkish entity; (2) is entered into within 1 year of this Act's enactment; (3) is not for mineral exploration, development, or extraction; (4) does not include land held in trust for an individual Indian; (5) is executed under tribal regulations approved by the Secretary under this Act; and (6) has a term that does not exceed 25 years, though it may include certain renewal options.
Requires the Secretary to approve tribal lease regulations if they are consistent with any regulations the Secretary issues under this Act and subject proposed activities to an environmental review process. Requires that process to identify and evaluate significant impacts the proposed activity may have on the environment and give the public an opportunity to be heard regarding those impacts before a lease is approved by the tribe or consortium.
Allows participating tribes or consortia to rely on federal environmental reviews if proposed actions are federally funded.
Authorizes the Secretary, pursuant to federal trust obligations, to enforce the provisions of, or cancel, any lease executed by a participating Indian tribe or consortium under this Act. Absolves the federal government from liability for any loss sustained by a party to such a lease.
Allows an interested party, after exhausting applicable tribal remedies, to petition the Secretary to review the compliance of a participating tribe or consortium with tribal regulations approved by the Secretary under this Act.
(Sec. 4) Requires tribes and consortia to demonstrate financial stability and financial management capability for the three fiscal years that precede their request to participate in the demonstration project by showing that there were no material audit exceptions in the required annual audit of their self-determination contracts.
(Sec. 6) Directs the Secretary, within one year of this Act's enactment, to report to Congress on the effects of the demonstration project and on ways to improve its effectiveness.