A bill to preserve and promote the resources of the Connecticut River Valley, and for other purposes.

Declares the policy of the Congress to preserve and promote the natural, cultural, historic, and other values of the Connecticut River Valley. Establishes the Connecticut Historic Riverway to provide for the conservation of such values for the public's use and enjoyment. Limits the total acreage of land and water of such Riverway to the Mount Holyoke unit.

States that the acquisition and development authority of the Secretary of the Interior shall be in accordance with the Acquisition Zoning Plan, Connecticut Historic Riverway-Mount Holyoke unit and with the provisions of this Act.

Permits owners of improved property within the riverway but not acquired under this Act to elect to retain a right of use and occupancy of such property for noncommercial purposes for a specified period.

Prohibits the Federal River Commission from authorizing the construction, operation, or maintenance of any Federal Power Act project within the riverway which has not been previously licensed.

Establishes the Mount Holyoke Riverway Committee to consult with the Secretary on all matters relating to development and administration of such unit.

Directs the Secretary, in consultation with the New England River Basin Commission and the Committee, to encourage coordinated planning for the conservation and development of resources of the Connecticut River Valley Corridor, with special emphasis on outdoor recreation resources outside the boundaries of the Connecticut Historic Riverway.

Requires all Federal departments, agencies, or instrumentalities to consult with the Secretary on any plans, programs, projects, or grants having a potentially adverse effect on outdoor recreation resources of the corridor.

Directs the Secretary to cooperate with the Secretary of the Army in the study and formulation of shoreline erosion control plans for the Connecticut River.

Authorizes the appropriation of funds necessary to carry out the provisions of this Act.