The Renewing the Dream Act directs the Secretary of the Interior to remove and replace a plaque at the Lincoln Memorial that commemorates Martin Luther King Jr.'s famous "I Have a Dream" speech. The bill specifies that the new plaque's design and placement must follow the federal Commemorative Works Act, which establishes standards for such memorials. To fund the project, the legislation allows the Interior Department to accept private donations and also authorizes the use of federal funds to cover costs for removing the old plaque and designing, purchasing, and installing the new one. The bill does not specify a timeline for completion or a particular funding amount, leaving those details to the Interior Department's discretion.