To amend the American Indian, Alaska Native, and Native Hawaiian Culture and Art Development Act, and for other purposes.

Amends the American Indian, Alaska Native, and Native Hawaiian Culture and Art Development Act (the Act) to authorize the Board of Trustees of the Institute of American Indian and Alaska Native Culture and Arts Development to invest annually, in order to maximize yield and liquidity, a portion of the funds appropriated to the Institute in obligations of, or guaranteed by, the United States, including short-term U.S. obligations.

Provides that interest and earnings from such investments may be used by the Institute to carry out its functions. Holds the Board to a reasonable and prudent standard of care in making such investment decisions.

Authorizes the Board to obtain insurance to cover all Institute activities, including property and liability insurance coverage, or make other provisions against losses.

Requires the Museum of American Indian and Alaska Native Arts to be established within the Institute under the direction of the Institute's President.

Holds the Institute responsible for: (1) all obligations incurred by it after June 2, 1988; and (2) actions and requirements, administrative, regulatory, or statutory in nature, for events which occurred after July 1, 1988, including submission of reports, audits, and other required information. Makes the Secretary of the Interior responsible for Institute obligations incurred on or before June 2, 1988, including those accrued before that date which became payable within two years of it. Prohibits the United States from seeking monetary damage or repayment for commission of events, or omission to comply with administrative or regulatory requirements, for any action prior to June 2, 1988.

Exempts Institute funds from consideration as Federal funds for purposes of certain Federal requirements for non-Federal matching funds for other Federal assistance.

Divides the Institute endowment program into a program enhancement endowment and a separate special capital improvement endowment. Allows in-kind contributions and interest from the endowments to be applied toward non-Federal matching requirements. Allows the Federal share of the capital improvement endowment to be removed and used, without penalty, two years after deposit.

Directs the Secretary of the Treasury to transfer appropriations for the Institute for FY 1992 and thereafter through the most expeditious method available, with the Institute being designated as its own certifying agency. Authorizes forward funding for Institute programs.

Directs the Secretary of Education to establish the Richard Jewell Ka'ilihiwa-Gladys Ainoa Brandt Fellowship Program for Studies in Excellence, providing fellowships for: (1) research in Native Hawaiian history and culture; (2) Native Hawaiian cultural practitioners; (3) translating Hawaiian language documents into English; (4) researching history or cultural practices; (5) writing workshops; (6) video production; (7) teaching; and (8) other similar purposes. Establishes a Fellowship Selection Committee. Authorizes appropriations.