To establish certain requirements relating to the acquisition, transfer, or disposal of public lands managed by the Bureau of Land Management, and for other purposes.

Prohibits the obligation or expenditure of Federal funds made available for the acquisition of any lands or interests that are to be administered by the Bureau of Land Management (BLM), except in accordance with this Act.

Allows lands or interests to be acquired for administration by BLM only: (1) by exchange; (2) by donation; (3) from amounts made available from the Bureau of Land Management Land Sale and Acquisition Fund; or (4) if obligated to be acquired on or before the enactment of this Act.

Establishes the Fund and requires deposit in it of: (1) all amounts received by the Secretary of the Interior from the disposal of any BLM-administered lands or interests; and (2) all amounts received by the United States by gift for acquisition of lands to be administered by BLM. Permits all such amounts to be made available for the acquisition of land or interests to be administered by the BLM.

Requires annual budget requests to be accompanied by information as to whether BLM, through preparation of land use plans, has identified public lands, the transfer or disposal of which have been delayed because of incomplete surveys or other reasons, which are suitable for transfer to other management or for disposal through exchange or otherwise.