It makes you a native American, but not a Native American. /S
Isn't it funny that, in the supposed service of eliminating advantages held by one segment of society over another (e.g., "white privilege"), Obama and crew want to introduce or strengthen a host of new privileges? Aboriginal Hawaiian preferences would be one; racial/gender/who-knows-what-gender preferences are another; and there's always the old standby, affirmative action. Then there's union privileges -- it's almost impossible to fire a government employee for incompetence or malfeasance; usually they get retired with a great pension. The ultimate end game of all of this is racial and government privilege--are you part of a favored group.
This is a degenerate approach compared with equality before the law. Here we have inequality being written into the law.
In the 1800 s the new census takers did not separate those who were part Native American from those who were part black, so all were Mulatto s.