To establish United States policy relating to wetlands, and for other purposes.

Declares that it is U.S. policy to encourage the enhancement and creation of wetlands whenever possible.

Directs the Secretary of the Army, in carrying out navigation projects involving the disposal of dredged materials, to include the option of wetlands enhancement or creation whenever possible. Requires the Secretary, in cases in which he plans to use dredged materials from such projects in wetlands enhancement or creation, to include as a benefit in determining a project's cost-benefit ratio the value of enhancement and creation. Directs the Secretary to consider the costs of wetlands enhancement and creation in Federal projects and the costs of federally permitted wetlands mitigation activities in the vicinity of Federal projects using approved habitat evaluation procedures.