Office of Secretary

For Immediate Release: February 23, 2000

Contact: John Wright: 202/208-6416

Babbitt Pleased with Nomination of Thomas N. Slonaker
to Serve as Special Trustee for American Indians

Secretary of the Interior Bruce Babbitt today said that he is pleased with the nomination by President Clinton of Thomas N. Slonaker, to serve as the Special Trustee for American Indians. The nomination is subject to confirmation by the U.S. Senate.

"I am exceptionally pleased with the President's nomination of Thomas Slonaker to be Special Trustee," said Babbitt. "Mr. Slonaker has a solid background in investing and financial management and a high level of personal integrity. His experience and strong management skills will be invaluable in addressing the trust management challenges before the Department. I hope the Senate will move expeditiously on his confirmation."

Slonaker currently serves as a consultant and is an Independent Director of the Federal Farm Credit Funding Corporation and a member of the Federal Farm System Audit Committee. He previously held positions of Executive Vice President, Chief Investment Officer, and Senior Vice President with First Interstate Bancorp, where he was responsible for the investment management of fiduciary assets totaling $27 billion.

From 1983 to 1993, Slonaker served as Senior Vice President and Manager of U.S. Government Security mutual funds for the Federated Research Corporation. Mr. Slonaker began his career with Mellon Bank in 1960. During his 23 years with Mellon Bank, he rose to Senior Vice President and Head of Portfolio and Funds Management.

Mr. Slonaker received his M.B.A. degree from Harvard Business School and his B.A. degree from Williams College. He is a trustee for Allegheny College and a member of the Association for Investment Management and Research, and a cofounder of the Asset/Liability Management Association. He and his wife Nina live in Phoenix, AZ.

The position of Special Trustee for American Indians was created by Congress in the 1994 American Indian Trust Fund Management Reform Act. The Special Trustee is charged with developing a strategic plan for the proper and efficient discharge of the Secretary's responsibilities for the proper management of oil and gas, timber, ranch and farm land, and other Indian trust assets the Department holds and manages. The Special Trustee ensures that the policies, procedures, practices, and systems of the Bureau of Indian Affairs (BIA), Minerals Management Service, and the Bureau of Land Management related to the discharge of the Secretary's trust responsibilities are coordinated, consistent, and integrated. The Special Trustee will account for the daily and annual balance of all funds held in trust by the United States for the benefit of an Indian tribe or individual Indian. The trust currently contains assets of approximately $2 billion. The Special Trustee has direct fiduciary responsibility for these assets.

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