THE WHITE HOUSE
Office of the Press Secretary
PRESIDENT CLINTON NAMES THOMAS N. SLONAKER TO SERVE AS SPECIAL TRUSTEE
FOR AMERICAN INDIANS AT THE UNITED STATES DEPARTMENT OF INTERIOR
The President today announced his intent to nominate Thomas N. Slonaker, to serve as Special Trustee for American Indians at the United States Department of Interior (DOI).
Mr. Thomas Slonaker, of Phoenix, Arizona, has been serving as a Director on the Board of the Federal Farm Credit Funding Corporation, and as Trustee of Allegheny College. From 1994 to 1996, Mr. Slonaker served as Executive Vice President and Chief Investment Officer to First Interstate Bancorp where he was responsible for the investment management of all fiduciary assets totaling $27 billion. Mr. Slonaker joined First Interstate in 1993 as a Senior Vice President responsible for the management of the bank's bond portfolio. From 1983 to 1984, Mr. Slonaker served as Senior Vice President of Federated Research Corporation where he was responsible for the management of all U.S. Government security mutual funds which grew in that time period to $36 billion. Mr. Slonaker began his career with Mellon Bank in 1960. When he left Mellon in 1983, he was the Senior Vice President in charge of the Bank's $12 billion portfolio and its capital market's activities. Currently, Mr. Slonaker is a member of these associations: The Association for Investment Management and Research, The Asset/Liability Management Association (co-founder), and The Public Securities Association.
Mr. Slonaker received his B.A. from Williams College and M.B.A. from Harvard University.
The position of Special Trustee for American Indians at the U.S. Department of Interior (DOI) was created by Congress in the 1994 Indian Trust Reform Act. The Special Trustee is charged with developing a plan for the proper management of oil and gas, timber, ranch, and farm land, and other Indian trust assets that DOI holds and manages. The Special Trustee ensures that the policies, procedures, practices, and systems of Bureau of Indian Affairs, Minerals Management Service, and 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.