A bill to establish the National Forest Investment Fund, and for other purposes.

Establishes the National Forest Investment Fund in the Treasury of the United States which shall be credited all moneys or net revenues received during each fiscal year from lands, resources, and services provided by the National Forest System.

Stipulates that moneys in the Fund shall be available, commencing with fiscal year 1981, for expenditures for capital improvements in connection with the National Forest System land and resources. Requires the President, commencing fiscal year 1981, to set forth currently required capital improvements and the amount in the Fund available for such improvements in each annual budget request.

Declares that it is the duty of the Secretary of the Interior: (1) to manage the Fund and make annual reports to the Congress on its financial condition and operations; and (2) to invest a portion of the fund not needed to meet current withdrawals in interest-bearing obligations of the United States or in obligations guaranteed by the United States as to both principal and interest. Authorizes the Secretary to issue special obligations for investment by the Fund if the purchase of such other obligations is not in the public interest.