To require the Secretary of the Army to carry out a study to determine the most effective manner by which to carry out the Lake Pontchartrain flood control project, to authorize the Secretary of the Army to construct a new pumping station at Lake Pontchartrain, Louisiana, and for other purposes.

Modifies the Lake Pontchartrain flood control project, Louisiana, to authorize the Secretary of the Army to construct a pumping station specifically designed to evacuate storm water from the Hoey's Basin area at a specified cost and federal share.

Requires the Secretary to: (1) conduct a study to carry out an analysis of the residual risks associated with specified options described in the project report and an independent peer review of the effectiveness of concept designs and preliminary cost estimates associated with each option; (2) report to specified congressional committees regarding the option that is more technically advantageous and more effective from an operational perspective in providing greater reliability and reducing the risk of flooding to the New Orleans area over the long term and that would increase the overall drainage capacity of the region, reduce local flooding to the greatest extent practicable, and provide the greatest system flexibility; and (3) resume project implementation with that option without regard to the funds available.