The Pecos Watershed Protection Act withdraws federal land in the Pecos Watershed area of New Mexico from mining and mineral leasing activities, protecting the region's natural resources from commercial extraction. The bill also designates approximately 11,599 acres of Forest Service land as the Thompson Peak Wilderness Area, which will be managed according to the Wilderness Act and added to the National Wilderness Preservation System. The legislation preserves existing grazing rights for livestock operations that were established before the bill's enactment and allows the Forest Service to manage wildfires, insect infestations, and disease control within the wilderness area. The bill does not create buffer zones around the wilderness area and clarifies that activities outside the protected land can proceed even if visible or audible from within it. No specific funding or timeline is provided in the legislation beyond requiring the Forest Service to file maps and legal descriptions as soon as practicable after enactment.