Amends the Fish and Wildlife Coordination Act to provide that either the National Marine Fisheries Service or the United States Fish and Wildlife Service (whichever is the responsible Federal agency) must be consulted where the waters of any stream or other body of water are proposed or authorized to be impounded, diverted, or controlled by any department or agency of the United States or by any public or private agency under Federal permit or license.

Requires that reports and recommendations of the Secretaries of Commerce and Interior on the wildlife aspects of water projects which are based on surveys or investigations of the National Marine Fisheries Service or the United States Fish and Wildlife Service be made a part of certain Federal reports submitted to the Congress. Requires that certain such recommendations of such Secretaries regarding proposed mitigation measures cover both onsite and offsite locations.

Requires any agency planning the construction of a water resource development project to transfer sufficient funds to the responsible Federal agency to allow it to carry out its responsibility under the Fish and Wildlife Coordination Act. (Under current law, the transfer of such funds is discretionary.)

Requires the United States Fish and Wildlife Service or the National Marine Fisheries Service (whichever is the responsible Federal agency) to: (1) compile an inventory of water projects, by categories, for which consultations and recommendations were made under such Act; and (2) select a statistically significant sample of such projects in order to evaluate the extent to which such recommendations were incorporated into licenses or permits, to notify Federal agencies having jurisdiction over such projects of such evaluation, and to evaluate compliance. Requires each Federal agency having jurisdiction over such projects to supply the responsible Federal agency appropriate information.

Allows either the Secretary of Commerce or the Interior to: (1) participate or cooperate with Federal, State, local, or private agencies in the preparation of certain wildlife conservation plans; and (2) enter into contractual agreements with those parties that provide assurances, consistent with law, regarding the value and extent of habitat to be conserved or enhanced, the mitigation to be provided for the affected wildlife resources, and the nature and extent of habitat modifications which may be permitted in the future.

Amends the Fish and Wildlife Coordination Act to provide that either the National Marine Fisheries Service or the United States Fish and Wildlife Service (whichever is the responsible Federal agency) must be consulted where the waters of any stream or other body of water are proposed or authorized to be impounded, diverted, or controlled by any department or agency of the United States or by any public or private agency under Federal permit or license.

Requires that reports and recommendations of the Secretaries of Commerce and Interior on the wildlife aspects of water projects which are based on surveys or investigations of the National Marine Fisheries Service or the United States Fish and Wildlife Service be made a part of certain Federal reports submitted to the Congress. Requires that certain such recommendations of such Secretaries regarding proposed mitigation measures cover both onsite and offsite locations.

Requires any agency planning the construction of a water resource development project to transfer sufficient funds to the responsible Federal agency to allow it to carry out its responsibility under the Fish and Wildlife Coordination Act. (Under current law, the transfer of such funds is discretionary.)

Requires the United States Fish and Wildlife Service or the National Marine Fisheries Service (whichever is the responsible Federal agency) to: (1) compile an inventory of water projects, by categories, for which consultations and recommendations were made under such Act; and (2) select a statistically significant sample of such projects in order to evaluate the extent to which such recommendations were incorporated into licenses or permits, to notify Federal agencies having jurisdiction over such projects of such evaluation, and to evaluate compliance. Requires each Federal agency having jurisdiction over such projects to supply the responsible Federal agency appropriate information.

Allows either the Secretary of Commerce or the Interior to: (1) participate or cooperate with Federal, State, local, or private agencies in the preparation of certain wildlife conservation plans; and (2) enter into contractual agreements with those parties that provide assurances, consistent with law, regarding the value and extent of habitat to be conserved or enhanced, the mitigation to be provided for the affected wildlife resources, and the nature and extent of habitat modifications which may be permitted in the future.