To authorize the acquisition of the Valles Caldera currently managed by the Baca Land and Cattle Company, to provide for an effective land and wildlife management program for this resource within the Department of Agriculture through the private sector, and for other purposes.

[AI summary unavailable — showing source text] TABLE OF CONTENTS: Title I: Valles Caldera National Preserve and Trust Title II: Acquisition of Inholdings and Disposal of Surplus Land Title I: Valles Caldera National Preserve and Trust - Valles Caldera Preservation Act - Authorizes the Secretary of Agriculture to acquire all or part of the Baca ranch in New Mexico. Provides for the subsequent addition of such land to the Bandelier National Monument, under the administrative jurisdiction of the Secretary of the Interior. Authorizes the Secretary of the Interior to utilize funds appropriated for the National Park Service to acquire the Elk Meadows subdivision within the boundary adjusted to encompass the ranch addition. Directs the Secretary of Agriculture to: (1) develop a study of management alternatives which may provide more coordinated land management within the Lower Alamo watershed, allow for improved management of elk and other wildlife populations ranging between the Santa Fe National Forest and the Bandelier National Monument, and include a proposed boundary adjustment between such Forest and Monument to facilitate those objectives; and (3) submit the study to specified congressional committees. Makes the acquisition of …