A bill to provide emergency relief to persons incurring losses as a result of the collapse of the Teton Dam located on the Teton River in Madison County, Idaho.

Directs the Secretary of the Interior to investigate claims by persons sustaining damages as a result of the collapse of the Teton Dam on the Teton River, Idaho, and to determine the amount which will reasonably satisfy each such claim.

Permits each claimant to elect to receive either (1)100 percent of the amount determined by the Secretary in full satisfaction of all claims against the United States arising from the dam collapse, or (2)80 percent of the amount determined by the Secretary in partial satisfaction of such claims.

Reduces the amount payable by the amount of insurance benefits (except life insurance benefits) and other payments and settlements received by the claimant. Conditions payments on the assignment of claims against third parties to the United States.