A bill to authorize the purchase, sale, and exchange of lands by the Devils Lake Sioux Tribe of the Devils Lake Sioux Reservation, North Dakota, and for other purposes.

Authorizes the purchase, sale, and exchange of lands by the Devils Lake Sioux Tribe of the Devils Lake Sioux Reservation, North Dakota.

Authorizes the Secretary of the Interior to purchase, sell, or exchange lands in order to consolidate tribal holdings within the Reservation.

Directs the Secretary to accept any offer by any member of the Tribe to transfer title to land within the Reservation's boundaries to the United States.

Prohibits the Secretary from selling or exchanging trust land or acquiring land for the benefit of the Tribe without the request or approval of the tribal government.

Provides that land acquired by the Secretary under this Act shall be held in trust for the benefit of the Tribe or a member, held free of any encumbrance, and be exempt from State or local taxation to the same extent as tribal trust land held on the date of enactment of this Act.

Requires that any money credited to the Tribe from the sale or exchange of trust land under this Act be held in a special account and used only to acquire land in accordance with this Act.

Extends specified authority to lease Indian lands on the Reservation.

Sets forth restrictions on inheritance of Indian lands by non-Indians and tribal options to purchase such lands.

Declares the Reservation to be the permanent homeland of the Tribe.

Authorizes the Secretary to promulgate regulations necessary to carry out this Act.