A bill to allow for the investment of joint Federal and State funds from the civil settlement of damages from the Exxon Valdez oil spill, and for other purposes.

Provides that, upon the joint motion of the United States and the State of Alaska and the issuance of an appropriate order by the U.S. District Court for the District of Alaska, any portion of the joint trust funds (including interest) received or to be received by the United States and Alaska pursuant to the Agreement and Consent Decree issued in United States v. Exxon Corporation et al. and State of Alaska v. Exxon Corporation et al. may be deposited in: (1) the Natural Resource Damage Assessment and Restoration Fund; (2) accounts outside the U.S. Treasury; or (3) both. Sets forth investment restrictions regarding outside accounts. Requires that joint trust funds deposited in the Fund or an outside account that have been approved unanimously by the trustees for the Exxon Valdez oil spill (Trustees) for expenditure by or through a State or Federal agency be transferred promptly from the Fund or outside account to the State of Alaska or United States upon the joint request of the governments.

Makes all remaining settlement funds eligible for the investment authority granted under this Act so long as they are managed and allocated consistent with the Resolution of the Trustees adopted March 1, 1999, concerning the Restoration Reserve, as follows: (1) $55 million of the funds remaining on October 1, 2002, and the associated earnings thereafter, shall be managed and allocated for habitat protection programs, including small parcel habitat acquisitions, with such sums reduced as specified; and (2) all other funds remaining on that date and associated earnings shall be used to fund (consistent with the Consent Decree) a program consisting of marine research, monitoring, and restoration, other than habitat acquisition, and additionally for community and economic restoration projects and facilities.

Authorizes the Federal trustees and the State trustees, to the extent authorized by State law, to issue grants as needed to implement this program.

Terminates the authority provided in this Act on September 30, 2002, unless by September 30, 2001, the Trustees have submitted to Congress a report recommending a structure the Trustees believe would be most effective and appropriate for the administration and expenditure of remaining funds and interest received. Directs that, upon the expiration of the authorities granted in this Act, all monies in the Fund or outside accounts be returned to the Court Registry or other account permitted by law.