This bill directs the U.S. Fish and Wildlife Service, to ensure opportunities for participation by the Department of Defense in wildlife conservation banking programs, to issue regulations that establish objectives, measurable performance standards, and criteria for use with respect to such programs. Mitigation banking is a method of offsetting the effects of development on a species, or habitat of such species, that is endangered, threatened, or otherwise at risk. The bill requires the regulatory standards and criteria, to the extent practicable, to maximize available credits and opportunities for mitigation, provide flexibility for characteristics of various species, and apply equivalent standards and criteria to all mitigation banks.