A bill to place certain submerged lands within the jurisdiction of the governments of Guam, the Virgin Islands, and American Samoa.

Authorizes the conveyance by the United States of specified submerged lands to the governments of Guam, the Virgin Islands, and American Samoa.

Provides that enumerated items shall be excluded from such transfer, including: (1) deposits of oil, gas and other minerals; (2) all lands acquired by the United States through eminent domain, purchase, exchange, or gift; and (3) all tracts of land containing structures or improvements constructed by the United States.

States that the President retains the right to establish, when necessary for National Defense, Naval Defensive Sea and Airspace reservations around and over the islands of Guam, American Samoa and the Virgin Islands.

Provides for concurrent jurisdiction between the United States and the Governments of the three territories, with provisions for exceptions which may be made by the President.