To authorize the exchange of certain public lands in California and Nevada.

[AI summary unavailable — showing source text] Amends the National Parks and Recreation Act of 1978 to authorize the exchange of certain Federal lands in California and Nevada for lands owned by the city of Los Angeles, California. Directs the Secretary of the Interior and the Secretary of Agriculture to immediately complete negotiations for the exchange of lands, execute the exchange, and report to specified congressional committees. Provides for the filing of legal descriptions and maps of lands exchanged and the right-of-way corridor by the city of Los Angeles with the Secretary of the Interior and the Secretary of Agriculture, who shall file such information with the designated congressional committees. Makes such legal descriptions and maps available for public inspection. Provides that the values of the lands to be exchanged shall be equal or equalized, with exceptions. Reserves to the United States the option to purchase or reacquire by exchange of Federal land the lands acquired by the city of Los Angeles pursuant to this exchange in Steptoe Valley, White Pine County, Nevada. Requires the city of Los Angeles and the Secretary of Agriculture to immediately execute an agreement which shall establish a trust fund for the p…