A bill to amend and clarify certain regulatory authorities of the Federal Government over work and activities in navigable waters.

Restricts the authority of the Army Corps of Engineers to supervise waterway activities to navigable waters which are presently used, or are susceptible to use, in their natural condition or by reasonable improvement as a means to transport interstate or foreign commerce.

Abolishes Corps authority over the discharge of fill material into such waterways.

Permits the Secretary of the Army and the Chief of Engineers to waive jointly any requirements they may have for review and approval of any activities on waters of the United States if the Chief of Engineers determines that such activities will not have a substantial adverse impact on the affected waters for their use to transport interstate or foreign commerce and can be effectively regulated by the State concerned.