To amend the Wild and Scenic Rivers Act by designating a segment of the Lower Merced River in California as a component of the National Wild and Scenic Rivers System.

Amends the Wild and Scenic Rivers Act to designate a specified segment of the Lower Merced River, California, as a component of the National Wild and Scenic Rivers System. Authorizes appropriations.

Requires the Secretary of the Interior to permit the construction and operation of pumping facilities and associated pipelines at the Saxon Creek Project. Withdraws the minerals in certain segments of such river and the South Fork Merced River from appropriation under the U.S. mining and mineral leasing laws.

Designates a segment of the North Fork Merced River, California, for study for potential addition to the System.

Provides: (1) for the continued operation and maintenance of the New Exchequer Project (including flood control operations and issuing a new license to the existing licensee for such project); and (2) that if the Federal Energy Regulatory Commission issues a new license to the existing licensee, the normal maximum operating pool water surface level authorized in the project's license shall not exceed elevation 867 mean sea level.