A bill to provide for an investigation of the acquisition of lands on Matagorda Island, Texas, by the Federal Government in 1940, and to preserve certain rights in that land to the former owners.

Directs the Comptroller General to investigate the Federal Government's acquisition of the lands comprising the Matagorda Island Air Force Gunnery and Bombing Range on Matagorda Island, Texas. Requires the Comptroller to submit to Congress interim and final reports concerning such investigation.

Grants to any person holding title to the mineral estate in such land the right to develop such estate regardless of any inclusion of such land in the National Wildlife Refuge System. Grants to individuals who owned such land before the Federal acquisition the right to graze livestock on such land. Sets forth the restrictions on such right.