In 1971, Congress significantly departed from its established federal Indian policy by enacting the Alaska Native Claims Settlement Act (ANCSA). ANCSA established twelve regional Native corporations (a thirteenth was later formed) and over 200 village corporations. Congress authorized the conveyance of fee title to 40 million acres of public lands in Alaska and the payment of $962.5 million to Native-owned corporations created under the act. The purpose of the act was to give Alaska Natives a means of ensuring financial independence by giving them corporate ownership to large tracts of land and the opportunity to develop that land.

With passage of ANCSA, Congress shifted away from the traditional role of trust oversight of aboriginal peoples historically played by the federal government. Instead of the reservation system, used extensively in other states, a system of corporate ownership of assets was developed to ensure long-term profitability and financial independence for Alaska Natives. Unlike many Native endeavors undertaken in other parts of the United States, Alaska Native Corporations are characterized by their successful integration into the national and international business community.