North American Wetlands Conservation Act

North American Wetlands Conservation Act - Establishes a North American Wetlands Conservation Commission. Sets forth elements to be considered by the Commission in making recommendations for wetlands conservation projects. Requires the Commission to submit annual descriptions to the Secretary of the Interior and the appropriate congressional committees of projects recommended for Federal funding. Directs the Secretary to approve such projects for funding unless such projects should not have been recommended based on the consideration factors.

Requires the Secretary to carry out such projects with funding available under this Act and the Federal Aid in Wildlife Restoration Act. Requires lands, waters, or other interests acquired by the Secretary to carry out such projects to be included in the National Wildlife Refuge System, except as otherwise provided in this Act. Authorizes the Secretary to convey to States or public or private agencies approved by States any real property interest acquired, managed, or restored with funding provided by this Act, except that no such interest shall, without the Secretary's approval, be converted for uses other than conservation of migratory birds, other fish and wildlife, and the wetland ecosystems on which such species depend. Requires the Secretary to approve such conversion only if the Secretary finds it in accordance with the North American Waterfowl Management Plan (Plan) signed by Canada and the United States in 1986 and only upon such conditions deemed necessary to assure the substitution of comparable wetland ecosystems or other habitats for migratory birds and other fish and wildlife species.

Directs the Secretary to grant funds to public and private entities for carrying out wetlands conservation projects in Canada and Mexico. Subjects the granting of such funds to the condition that property interests acquired, managed, or restored with such funds will be administered for the long-term conservation and management of fish and wildlife and will provide for public access and use.

Amends the Federal Aid in Wildlife Restoration Act to require the Secretary to invest in interest-bearing obligations such portion of the wildlife restoration fund not required for the current year's withdrawals. Sets forth authorized investment activities and the required use of interest held on obligations in such fund. Excludes such interest from revenues to be deducted for administrative expenses.

Authorizes the sums of certain penalties or fines received for violations of the Migratory Bird Treaty Act to be appropriated to the Department of the Interior for allocations of funds under this Act. Authorizes additional appropriations. Allocates funds made available under this Act and the Federal Aid in Wildlife Restoration Act. Limits the Federal contribution to wetlands conservation projects to 75 percent of the total cost for projects in Canada and Mexico and 50 percent for projects in the United States. Authorizes the Secretary to: (1) make progress payments to wetlands conservation projects; and (2) enter into agreements to make payments on initial portions of such projects, subject to the availability of Federal funds. Prohibits the use of moneys allocated under this Act for acquiring lands for inclusion in the National Wildlife Refuge System, except as provided, unless there is appropriated under the Refuge Revenue Sharing Act for such fiscal year an amount equal to the difference between the total amount of net receipts and the aggregate amount of payments to be made to counties.

Requires the head of each Federal agency responsible for acquiring, managing, or disposing of Federal lands and waters to cooperate with the Director of the U.S. Fish and Wildlife Service to restore, protect, and enhance the wetland ecosystems and other habitats for migratory birds and fish and wildlife within such lands and waters. Directs such agencies, in the consideration of land disposal alternatives, to give priority to transfers of property for conservation purposes.

Requires the Secretary to report biennially to the appropriate congressional committees on: (1) the estimated number of wetland acres and habitats that were restored, protected, or enhanced for migratory birds during such two-year period; and (2) trends in the population size and distribution of North American migratory birds. Directs the Secretary to report annually to such committees on the status of wetlands conservation projects and expenditures.

Requires the Secretary, in 1991 and quinquennially thereafter, to revise the Plan with appropriate Canadian and Mexican officials.

Prohibits funds made available under this Act and the Federal Aid in Wildlife Restoration Act from being used for fish and wildlife mitigation purposes under the Fish and Wildlife Coordination Act or the Water Resources Development Act of 1986.