This bill, known as the "Greater Yellowstone Recreation Enhancement And Tourism Act," aims to amend the Wild and Scenic Rivers Act by designating several river segments in the Greater Yellowstone Ecosystem in Montana as components of the National Wild and Scenic Rivers System. Specifically, it designates portions of the Madison River and Gallatin River as recreational rivers, and segments of Hyalite Creek, Cabin Creek, and the Middle Fork of Cabin Creek as scenic rivers. These designations are intended to preserve the outstandingly remarkable values of these streams for present and future generations.

The legislation highlights the importance of these streams for their clean water, abundant fish and wildlife, and significant recreational opportunities, which contribute billions annually to Montana's economy. It also acknowledges the historical use of these streams by Indian Tribes for cultural purposes. The designated segments will be administered by the Secretary of Agriculture, ensuring a high level of protection while maintaining public access and respecting private property rights.

Crucially, the bill stipulates that no land within a designated segment can be acquired without the owner's consent. It explicitly states that the designations will not affect valid existing water rights, including Federal, Tribal, and State compacts. Furthermore, the Act clarifies that the designations will not impact the operation, licensing, or potential hydropower generation expansion of the Hebgen and Madison Dams, which are located outside the designated segments. The Federal Energy Regulatory Commission's consideration of these dams will be governed by the Federal Power Act, not the Wild and Scenic Rivers Act.