Action Versus No Action Act This bill limits the scope of certain environmental assessments or impact statements related to forest management activities on National Forest System lands or public lands suitable for timber production to a consideration only of the effects of the forest management activity and the alternative of no action. Specifically, the bill applies to assessments or impact statements prepared by the Department of Agriculture (USDA), with respect to National Forest System lands, or the Department of the Interior, with respect to public lands, for forest management activities that meet at least one of the criteria specified. In the case of the alternative of no action, USDA or Interior shall consider whether to evaluate the effect of no action on, among other things, forest health, wildfire potential, insect and disease potential, and timber production; and the implications of a resulting decline in forest health, loss of habitat diversity, wildfire, or insect or disease infestation on potential losses of life and property, domestic water supply in the project area, and wildlife habitat loss.