An act to repeal and amend certain laws regulating trade between Indians and certain Federal employees.

(House agreed to certain Senate amendment with an amendment)

Amends existing provisions of Federal law which prohibit the trading or contracting by Federal employees with Indians to prohibit only such trading or contracting, excluding actions on behalf of the United States, by officers, agents, or employees of the Bureau of Indian Affairs (BIA) or the Indian Health Service (IHS).

Authorizes the President to prescribe rules under which a BIA or IHS officer, agent, or employee may purchase from or sell to an Indian any service or any real or personal property. Prohibits the purchase or sale by any such officer, agent, or employee of real or personal property for the purpose of commercially selling, reselling, trading, or bartering such property.

Declares that such regulations shall not permit such an employee: (1) to have any interest in a transaction involving property or funds which are either held in trust by the United States for Indians or connected with a BIA or IHS grant or contract, unless the Secretary of the Interior or the Secretary of Health, Education, and Welfare, or such Secretary's designee, approves such transaction; or (2) to acquire any trust lands or property subject to restriction against alienation imposed by the United States, unless such acquisition is authorized by law. Provides that such designee may not be a relative of such employee, and must be employed at the Washington, D.C. central office at a higher grade level, than any such employee employed at a regional BIA or IHS office.

Permits the Secretary of the Interior to ratify any transaction, other than one involving the sale of trust or restricted property, occurring before the effective date of this Act if such transaction would be legal under this Act.

Declares that this Act shall take effect 60 days after its enactment.

Specifies and describes a tract of land in Washington to be held by the Secretary for the Wa-He-Lute Indian school for its use as an Indian school and community center. Provides that title to such land shall remain in the United States to be held by the Secretary so long as it is used for such purposes. Directs that when such land is no longer used for such purposes, title shall be taken in trust for the benefit of a named enrollee or his heirs.