Navajo president vetoes trust fund measure

Tuesday, February 12, 2008  

Navajo Nation President Joe Shirley Jr. vetoed legislation to increase the amount of money set aside for the tribe's permanent trust fund.

The Navajo Nation Council passed a bill that would set aside 18 percent of tribal revenue into the fund. Currently, 12 percent goes into the account.

But Shirley said the higher amount would draw too much money away from tribal government services. He said it could lead to possible layoffs.

The fund was established in 1985 with about $26 million. It has grown to nearly $1 billion, according to NavajoTrustFunds.Com.

Get the Story:
Navajo president vetoes measure to increase trust fund revenues (AP 2/11)

$rl Navajo Trust Funds - http://www.navajotrustfunds.com
Navajo Nation - http://www.navajo.org
Navajo Nation Council - http://www.navajonationcouncil.org