A bill to establish a National Commission on American Indian Trust Holdings.

Establishes the National Commission on American Indian Trust Holdings to fully examine: (1) the allegations made in the letter dated April 5, 2004, from Special Master Alan L. Balaran to the Honorable Royce C. Lamberth; (2) whether grazing, leasing, and other trust asset interests have been managed equitably and in a manner consistent with Federal trust law (including regulations); and (3) such other alleged breaches of the fiduciary responsibility owed by the United States to Indian tribes and individual Indians that come to the Commission's attention.

Requires the Commission to: (1) build on the investigations of other entities, and avoid unnecessary duplication, by reviewing the findings, conclusions, and recommendations of earlier studies of the management by the Department of Interior of Indian trust assets and trust funds; and (2) report to the President and Congress its findings and recommendations for corrective measures that can be taken to recoup any losses suffered by Indian tribes or individual Indians as a result of breaches of fiduciary duty by the Department or to prevent any breaches of fiduciary duty in the future.