To provide for the establishment of a memorial on Federal land within the District of Columbia to honor members of the Armed Forces who served in World War II, and to express the sense of Congress concerning the United States participation in that conflict.

Directs the American Battle Monuments Commission to establish a memorial on Federal land in the District of Columbia or its immediate area to honor World War II veterans and to commemorate U.S. participation in that conflict. Directs the Commission to plan, design, construct, and oversee the operation of the memorial. Specifies that such design shall provide for accessibility by, and accommodations for, the physically handicapped.

Establishes the World War II Memorial Advisory Board to: (1) promote the establishment of the memorial and encourage the donation of private funds for construction maintenance; (2) assist and cooperate with the Commission in the selection of the site and design for the memorial; and (3) transmit annual reports on its activities to the Congress.

Authorizes the Commission to solicit private contributions for such memorial. Establishes a fund in the Treasury which shall be made available to the Commission to carry out this Act.

Authorizes Federal funding, in addition to such private funds, for site preparation, design, planning, establishment, construction, maintenance, and operation of the memorial. Authorizes assistance from specified Federal departments and agencies, including the Library of Congress. Authorizes Federal property to be transferred to the Commission. Authorizes the Commission to purchase suitable property within the District of Columbia for the establishment of such memorial.

Urges the Government to encourage 50th anniversary commemorations of the U.S. role in World War II. Urges the Smithsonian Institution and other Federal museums to develop commemorative exhibitions to be shared with academic institutions.