This bill directs the Federal Trade Commission to create regulations within one year that prohibit companies from price gouging on water rights during droughts. The rules would apply to entities selling or leasing water rights in drought-affected areas at excessively high prices, but would exempt small businesses with less than $100 million in annual revenue, as well as state, local, and tribal governments. To determine if a price is excessive, the FTC must establish standards comparing current prices to what similar water rights sold for in the 120 days before the drought began, while allowing exceptions for cost increases beyond a company's control. Violations would be treated as unfair or deceptive business practices under existing FTC authority, giving the agency power to investigate and penalize violators through the same mechanisms it uses for other consumer protection cases.