This legislation, known as the Extinction Prevention Act of 2026, aims to establish four dedicated conservation funds to protect specific vulnerable species and their habitats. These funds are designed to support the conservation of butterflies across North America, plants in the Pacific Islands, freshwater mussels throughout the United States, and desert fish in the Southwest United States. Each fund will provide competitive financial assistance , including multiyear grants, for conservation projects managed by the Secretary of the Interior. Eligible applicants include State and Tribal agencies, research institutions, and nonprofit organizations, though Federal agencies may only participate as partners. Projects can encompass a range of activities such as habitat protection and restoration, onsite research and monitoring, development of management plans, enforcement of conservation laws, and community outreach and education. Project proposals will be reviewed based on their potential to recover and sustain viable populations, with priority given to species listed as threatened or endangered under the Endangered Species Act of 1973 . Preference will also be given to projects demonstrating long-term sustainability and those with available matching funds. The Secretary has the authority to waive certain criteria for high-priority projects. Each of the four funds is authorized to receive $5,000,000 in annual appropriations for fiscal years 2027 through 2032, in addition to accepting donations and earning interest. The Secretary of the Interior is responsible for managing these funds and is required to submit annual reports to Congress. These reports will detail fund expenditures, project evaluations, and the overall status of the respective threatened and endangered populations.