1. Preservation leasing of Indian land (a) In general Section 404 of the Federal Water Pollution Control Act ( 33 U.S.C. 1344 ) is amended by adding at the end the following: (u) Preservation leasing of Indian land (1) Definitions In this subsection: (A) Indian land The term Indian land means land owned by, operated by, or otherwise belonging to an Indian tribe. (B) Indian tribe The term Indian tribe has the meaning given the term in section 4 of the Indian Self-Determination and Education Assistance Act ( 25 U.S.C. 5304 ). (C) Permitted activity The term permitted activity means a discharge of dredged or fill material for which a permit is issued under this section. (D) Permittee The term permittee means a person that is issued a permit under this section. (E) Preservation lease The term preservation lease means an agreement under which a permittee leases wetlands or other aquatic sites on Indian land for the sole purpose of preserving the wetlands or other aquatic sites in an undisturbed state during the term of the lease to mitigate for a permitted activity. (2) Preservation leasing of Indian land The Secretary shall allow a permittee to satisfy compensatory mitigation requirements for a permitted activity by entering into a preservation lease with an Indian tribe, if the permitted activity affects wetlands that are located in the same watershed as the Indian land to be leased. (3) Term In order to satisfy compensatory mitigation requirements, the term of a preservation lease— (A) shall be not less than the life of the permitted activity