This bill allows North Dakota to exchange certain state land grant parcels (e.g., lands granted to North Dakota by Congress when it became a state) located wholly or partially within an Indian reservation for certain federal land of substantially equivalent value. North Dakota manages oil, gas, and agriculture leases on state land grant parcels to generate revenue for education and other public benefits. However, tribal reservations were created on state land grant parcels and reduced the amount of land available for revenue generation.

Specifically, the bill allows the North Dakota Board of University and School Lands to exchange with the Department of the Interior state land grant parcels located wholly or partially within tribal reservations for certain public land in North Dakota administered by the Bureau of Land Management. Upon the request of a tribe, Interior must hold exchanged land within the tribe's reservation in trust on behalf of the tribe.

Further, the bill provides for the continuation of active grazing operations on land exchanged under this bill.