Amends the National Marine Sanctuaries Act to direct the Secretary to provide such a Council with the opportunity to propose and revise all regulations applicable to fishing within designated marine sanctuaries according to the standards and procedures of the Magnuson-Stevens Fishery Conservation and Management Act. Requires such regulations, upon approval by the Secretary, to apply within the exclusive economic zone and allows them to be applied within a State, with the approval of the State's Governor or pursuant to the Secretary's authority under such Act.