A bill to provide for a land exchange with the city of Tacoma, Washington.

Directs the Secretary of the Interior, under specified conditions, to convey to the city of Tacoma, Washington, certain Federal lands adjacent to Lake Cushman in exchange for specified non-Federal lands in the Olympic National Park.

Includes among such conditions that: (1) the Secretary is reasonably satisfied that an environmental review of the Cushman Project sufficient to meet legal requirements has been initiated; and (2) the city of Tacoma demonstrates to the Secretary's satisfaction that it is able to deliver to the United States clear and unencumbered title of such non-Federal lands; has entered into an enforceable agreement providing that lands acquired by the city will be managed consistent with the way such lands were managed by the National Park Service; and offers, in good faith, to negotiate with the Skokomish Tribe, and fund appropriate studies, regarding the impact of such Project on fish, wildlife, estuary, and cultural resources, subject to specified requirements.

Requires the Secretary to adjust the boundaries of Olympic National Park to reflect the exclusion of such conveyed lands from such Park.

Specifies that nothing in this Act shall be construed: (1) as approval or disapproval of any reservoir operating level for the Cushman Reservoir which, after a boundary adjustment under this Act, would not inundate any lands within any unit of the National Park System; (2) to limit the right or ability of any party, including any Indian tribe and Federal agency, to fully participate as intervenors or otherwise in any process relating to the Cushman Project; or (3) as limiting or otherwise affecting any rights by treaty, executive order, or Federal law of the Skokomish Tribe or any other Indian tribe, including rights relating to fishing or the use of water.