A bill authorizing the Secretary of the Interior to issue certain obligations and to utilize the revenue therefrom to acquire additional wetlands.

Authorizes the Secretary of the Interior to issue obligations in order to acquire waterfowl nesting and breeding grounds (wetlands and pothole areas).

Authorizes the Secretary of the Treasury to purchase any such obligations.

States that all obligations issued by the Secretary of the Interior shall be lawful investments, and shall be deemed to be exempt securities. Directs the Secretary of the Interior and the Secretary of the Treasury to determine the amount of revenues they anticipate will be received from the sale of Federal migratory bird hunting stamps, and to determine whether such revenues will be sufficient, together with other revenues in the migratory bird conservation fund, to pay the principal of and interest on any obligations issued under this Act and the premium, if any, upon redemption.