Wetlands Conservation and Regulatory Improvements Act

Wetlands Conservation and Regulatory Improvements Act - Prohibits the issuance of revisions to or clarifications of the guidelines for identifying and delineating wetlands under the Federal Water Pollution Control Act until the National Academy of Sciences has completed a specified wetlands study. Provides for the continued use of the 1987 Corps of Engineers wetlands delineation manual until such guidelines are issued. Amends the Federal Water Pollution Control Act to require the Administrator of the Environmental Protection Agency to issue guidelines to identify and delineate wetlands. Earmarks funding for: (1) wetlands delineation training and certification programs; and (2) assistance to private landowners who lack financial capacity to identify or delineate wetlands in order to apply for dredge or fill permits or avoid impacts to wetlands. Provides for a public information program on Federal regulations, permitting requirements, and wetlands delineation. Expands the definition of "discharge of dredged or fill material" to include draining, mechanized landclearing, ditching, and excavations (thus, making such activities subject to permit requirements). Sets forth permit decision deadlines and administrative appeal procedures. Authorizes the issuance of general permits on a State, regional, or nationwide basis for any category of activities involving discharges of dredged or fill materials if the activities are similar in nature and will cause only minimal adverse environmental effects when performed separately and cumulatively. Requires specified Federal officials to enter into agreements to make technical determinations concerning wetlands on agricultural lands. Exempts prior converted croplands and certain waters and activities from regulation under dredged and fill permit provisions. Provides for the establishment of mitigation banks (wetlands restoration projects that provide compensation credits to offset foreseeable wetlands losses from future discharges of dredged or fill material into navigable waters where compensatory mitigation is not practicable). Authorizes funding to States for wetlands conservation and watershed management planning. Requires the Administrator to initiate a wetlands and watershed management research program. Establishes a committee to coordinate Federal, State, and local government wetlands policies. Provides for the development of a National Cooperative Wetlands Restoration Strategy.