A bill to amend the Flood Control Act of 1970 to provide that, in determining the need for a local flood protection project, the Secretary of the Army shall consider the impact on the economy and social well-being of the local area and certain surrounding areas if flood protection is not provided, to specify the factors to be evaluated in considering such impact, and for other purposes.

Amends the Flood Control Act of 1970 to require the Secretary of the Army when determining whether a flood protection project is needed, to evaluate the economic impact on the local economic area if flood protection is not provided. Sets forth the considerations to be included in such evaluation, including potential economic losses, impact on the social well-being of the people, and enhancement of local economic activity. Requires the Water Resources Council to study and report to Congress regarding other factors that should be considered.

Amends the provision authorizing the Secretary of the Army to receive contributions from States and their political subdivisions for authorized flood control projects to provide interested non-federal parties the opportunity to contribute the amount of costs which exceed the benefits of the project as determined by the Secretary.