1. Sale of certain Federal lands previously identified as suitable for disposal (a) Short title This Act may be cited as the Disposal of Excess Federal Lands Act of 2017 . (b) Competitive sale of lands The Secretary shall offer the identified Federal lands for disposal by competitive sale for not less than fair market value as determined by an independent appraiser. (c) Existing rights The sale of identified Federal lands under this section shall be subject to valid existing rights. (d) Proceeds of sale of lands All net proceeds from the sale of identified Federal lands under this section shall be deposited directly into the Treasury for reduction of the public debt. (e) Report Not later than 4 years after the date of the enactment of this Act, the Secretary shall submit to the Committee on Natural Resources of the House of Representatives and the Committee on Energy and Natural Resources of the Senate— (1) a list of any identified Federal lands that have not been sold under subsection (b) and the reasons such lands were not sold; and (2) an update of the report submitted to Congress by the Secretary on May 27, 1997, pursuant to section 390(g) of the Federal Agriculture Improvement and Reform Act of 1996 ( Public Law 104–127 ; 110 Stat. 1024), including a current inventory of the Federal lands under the administrative jurisdiction of the Secretary that are suitable for disposal. (f) Definitions In this section: (1) Identified Federal lands The term identified Federal lands means the parcels of Federal land under the administrative jurisdiction of the Secretary that were identified as suitable for disposal in the report submitted to Congress by the Secretary on May 27, 1997, pursuant to section 390(g) of the Federal Agriculture Improvement and Reform Act of 1996 ( Public Law 104–127