Authorizes the Department of Land and Natural Resources and certain public or private entities to seek the approval of the Board of Land and Natural Resources to operate conservation banks for situations where a person or entity is required to provide compensatory mitigation to offset adverse impacts to threatened, endangered, candidate, or proposed species as part of an approved incidental take license and habitat conservation plan. Adds the associate director of the United States Geological Survey, Ecosystem Mission Area, to the membership of the Endangered Species Recovery Committee. Requires the Endangered Species Recovery Committee to review applications and proposals for conservation banks and conservation bank instruments conduct subsequent reviews and oversight. (CD1)