Native American Trust Fund Equity Act of 1991

Native American Trust Fund Equity Act of 1991 - Amends Federal law to change from discretionary to mandatory the authority of the Secretary of the Interior to invest Indian trust funds in debt obligations issued or guaranteed by the United States, or in mutual funds.

Requires the Secretary to pay interest periodically on such deposited or invested funds to the appropriate Indian tribe or individual Indian.

Repeals Federal law that relieves the United States from any liability relating to the interest payable on such invested funds.

Authorizes the Secretary to make payments to an Indian tribe or individual Indian in full satisfaction of any claim of such tribe or Indian for any interest owed on amounts deposited or invested on their behalf before the enactment of this Act.