American Wetland Restoration Act - Amends the Federal Water Pollution Control Act to declare that it is national policy to: (1) achieve, through regulatory means that take into account that 75 percent of the wetland in the contiguous United States is privately owned and that private property rights should not be unreasonably infringed and through nonregulatory opportunities involving all levels of government and supported by private initiatives, the conservation, creation, and restoration of wetland to increase the quantity and quality of, and meet the interim goal of no overall net loss for the remaining, wetland resource base of the contiguous United States, taking into account the status and trends of such base in particular regions and areas; and (2) foster wetland mitigation banking as a means to mitigate the unavoidable loss of wetland by providing a regulatory framework for the use of mitigation banking, making appropriate use of existing, successful programs, and taking into account regional variations in wetland conditions, functions, and values.

Authorizes the Secretary of the Army to issue a mitigation bank charter to a person who, with respect to the project or projects to be included in the scope of the charter, meets specified criteria. Requires an applicant to submit an application signed by a responsible official which includes, at a minimum, information on such criteria.

Sets forth provisions regarding reports, decision deadlines, and other procedural matters.

Authorizes a mitigation bank, on receipt of a charter, to offer mitigation credits for sale, subject to specified requirements. Authorizes the Secretary to provide additional guidance on the size and use of the service area and to resolve interstate disagreements. Authorizes an approved mitigation bank to provide compensatory mitigation for activities requiring authorization under this Act or be used in satisfaction of injunctive relief ordered by the Secretary, the Administrator of the Environmental Protection Agency, or a court. States a preference for in-kind compensation of wetland impacts. Directs the Secretary and the Administrator to establish standards and criteria applicable to the use of on-site mitigation, in-lieu fees, and other off-site mitigation as compensatory mitigation that are similar to those standards applicable to a mitigation bank.

Sets forth reporting requirements.

Allows a State that operates an approved program regulating the discharge of dredged or fill material into navigable waters to administer a wetland mitigation banking program in accordance with State procedures if such banking program is approved by the Administrator as part of the State's dredged or fill material program.