A bill to establish a Hudson River Compact Commission composed of the Secretary of the Interior and representatives from the States of New York, New Jersey, Vermont, Massachusetts, and Connecticut so that the Commission may negotiate a compact to develop, preserve, and restore the resources of the Hudson River Basin and its shores, and to authorize certain necessary steps to be taken to protect those resources from adverse Federal actions until the States concerned and the Congress have the opportunity to act on that compact.

Establishes the Hudson River Compact Commission composed of the Secretary of the Interior and representatives from the States of New York, New Jersey, Vermont, Massachusetts, and Connecticut. States that the purpose of the Commission shall be to negotiate a compact to develop, preserve, and restore the Hudson River Basin and its shores. Authorizes that necessary steps be taken to protect the resources of the Hudson River Basin from adverse Federal actions until the States and Congress have the opportunity to act on the compact negotiated by the Commission.

Requires that any department, agency, or instrumentality of the United States taking actions which could unfavorably affect any resource of the Hudson riverway shall consult with the Secretary concerning any such actions.

Directs the Secretary to transmit a report to the Congress and the President relating to the status of the negotiations by the Commission, including the Secretary's recommendations concerning the execution of this Act.

Authorizes the appropriation of not more than $75,000 for fiscal year 1976 to carry out the purposes of this Act.