In his statement Tuesday, President Obama called on Congress to approve those funds for black farmers and plaintiffs in the Indian trust case. He said the administration is also working to resolve cases involving Hispanic and women farmers who say they were discriminated against.
Agriculture Secretary Tom Vilsack said the settlement "can never undo wrongs" that American Indians have experienced, but the settlement will provide relief.
Claryca Mandan of North Dakota's Three Affiliated Tribes, a plaintiff in the case, stopped ranching after she and her husband were denied loans in the early 1980s. She said she was pleased with the settlement.
"This is a culmination of 30 years of struggle," she said.