To provide for the transfer of an existing United States memorial erected under the auspices of the American Legion, Incorporated, for the use and benefit of American officers and enlisted personnel who served in World War I to the Department of Veterans Affairs, and for other purposes.

Transfers custody and control of Pershing Hall, a memorial in Paris, France, owned by the United States, to the Department of Veterans Affairs. Requires the Secretary of Veterans Affairs to administer, develop, and improve Pershing Hall and its site, as appropriate.

Directs the Secretary, after consultation with the American Battle Monuments Commission, to dedicate a portion of the Hall to the memory of the commander-in-chief, men, and services of the American Expeditionary Forces in France during World War I. Requires the establishment and continuing supervision of the memorial to be carried out by the Commission.

Authorizes the Secretary to enter into leases for the operation, development, and improvement of the Hall and its site. Outlines lease terms and conditions.

Establishes the Pershing Hall Revolving Fund. Provides for the transfer of monies to the Fund for the construction of major projects. Abolishes the Pershing Hall Memorial Fund and transfers the corpus of the Memorial Fund to the Revolving Fund. Limits the amount that may be expended from the Fund in any fiscal year.