Nations, Inc. · Episode 10 of 10 · 20 min
Everybody's Money: How the Native Economy Reaches Everyone — and What's Threatening It
Independent Federal Reserve research and state studies show the tribal business boom's value flowing overwhelmingly to non-Native workers, towns and states. The finale then turns to the 2025-26 reckoning: an 8(a) crackdown, proposed budget cuts, a grant freeze, office closures and a gutted CDFI Fund. Impact totals are attributed to who produced them.
Who's who
- Elliot CharetteResearcher at the Federal Reserve's Center for Indian Country Development
- Tralynna ScottEconomist at Cherokee Nation Businesses
- Kyle DeanOklahoma City University economist; author of the Oklahoma impact study
- John EchohawkExecutive director of the Native American Rights Fund
- Chris JamesPresident and CEO of the National Center for American Indian Enterprise Development
- Kelly LoefflerSBA Administrator who called the 8(a) program abused
- Scott BessentTreasury Secretary who launched a review of preference-based contracts
- Firmadge CrutchfieldCEO tied to ATI Government Solutions; suspended by the SBA
Where it happens
- Oklahoma+3 more episodesStudy found 19 tribes generate $23.4 billion in impact
- Washington State+4 more episodesTribal impact study reported in January 2026
Timeline
- July 2024Federal Reserve presents research on spillover gains near reopened tribal casinos
- January 2025OMB memo pauses an estimated $3 trillion in federal financial assistance
- March 2025Executive order guts the CDFI Fund; $324 million withheld
- October 2025SBA suspends ATI Government Solutions and others in the 8(a) matter
- November 2025Treasury suspends about $253 million in ATI contracts and starts a $9 billion contract review
- May 2026Fortune reports 8(a) obligations to tribal businesses down about 40% year over year
Still debated
The ATI fraud allegations are real, yet an SBA hearings judge also faulted the agency's process. The administration's stated rationale for the cuts is set beside their critics' arguments, and several actions were still in litigation as of July 2026.