No Net Gain in Federal Lands Act of 1991

No Net Gain in Federal Lands Act of 1991 - Requires that there be no net gain in Federal land ownership in the acquisition and disposition of Federal lands during any fiscal year. Requires the Director of the Office of Management and Budget to conduct an annual inventory and review, and report to the President and the Congress on the determination of compliance with such requirement. Directs the President, if there is a determination of net gain, to dispose of an amount of land sufficient to achieve compliance, within 24 months beginning on the date of the determination. Requires, if compliance has not been achieved by the end of such period, the President to auction to the highest bidders sufficient amounts of land to comply, notwithstanding any other provision of law. Sets forth regional divisions and other provisions relating to application of such requirement for no net gain in Federal lands, with exceptions for specified types of lands, waters, interest, and real property.

Requires, notwithstanding any other provision of law, the sale at public auction to the highest bidder of any real property acquired by any department, agency, or independent establishment of the United States in its capacity as a receiver, conserver or liquidating agent which is so held pending disposal, if it has not been disposed of by the end of the 24 months beginning on the date of such acquisition.