A bill the Mount Saint Helens Timber Salvage and Market Stability Act of 1980.

Authorizes the Secretary of Agriculture to conduct a program of salvage of down, damaged, or associated timber and to mitigate the damage which has occurred as a result of the eruption of Mt. St. Helens to the renewable resources on and in the vicinity of the Gifford Pinchot National Forest. Permits the Secretary to depart from current authorities regarding the sale of national forest timber, including the establishment of a selling price and of concentration yards for stockpiling and processing and the construction and reconstruction of roads and bridges required to salvage such timber. Directs the Secretary to take actions to insure the safety of the public and those persons engaged in the salvage effort.

Requires moneys received from the sale of salvaged timber to be deposited in the Mount Saint Helens Eruption Rehabilitation Fund in the Treasury for use over a period of five years in carrying out the rehabilitation program.