Commercial Code Passes For Economic Development - KFYRTV.COM - Bismarck, ND - News, Weather, Sports

Commercial Code Passes For Economic Development

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The unemployment rate on the Standing Rock Reservation is between 40 and 60 percent. And that's why tribal leaders are doing what they can to spark economic development. The Standing Rock Economic Development Act focuses on establishing a private market.

The Standing Rock Commercial Code is the first part to pass through tribal council. The code focuses on secured transactions and is similar to what lending institutions and borrowers are already familiar with.

Steven Sitting Bear says the code will help regulate commerce on Standing Rock and will level the playing field for investors both on and off the reservation.

"Without the UCC Code, the financing opportunities, the capital streams we need to come into the reservation weren't there. Now, we have everyone on the same playing field. We're all kind of playing by the same rules so to speak," says the External Affair Director Steven Sitting Bear.

"We're hoping to attract investors and business from outside of the borders, as well as inside for our own members," says Tribal Councilman Joe Dunn.

The code will be enforced in the tribal court system. Dunn says the code passed at a vote of 60 to 40 percent.

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