To provide for the establishment of a process for the management of biospecimen collections by Federal agencies.

Requires the Office of Science and Technology Policy to develop a policy for the management by federal agencies of biospecimen collections. (Defines "biospecimen" as biologically-derived materials from humans, animals, or plants, including any such materials obtained from non-biological media.)

Requires such policy to: (1) require that a federal agency, before destroying a biospecimen collection, conduct a review of the research value of the collection and consult with researchers who have used the collection and any other interested parties concerning the collection's value and possible additional uses for the collection; and (2) include procedures for federal agencies to offer biospecimen collections they no longer need to researchers at institutions qualified to possess the collections.