Terminates the Council eight years after enactment of this Act.
Requires the Director of the National Drought Council to establish the National Office of Drought Preparedness.
Establishes within the Federal Emergency Management Agency (FEMA) the Drought Assistance Fund, which shall be used to: (1) assist State, local, tribal, and critical service entities with drought-related activities; and (2) expand the technology transfer of drought and water conservation strategies.
Requires: (1) the Director to publish guidelines for administering a national technical and financial drought assistance program; and (2) the Director, the Secretaries of Agriculture, the Interior, and the Army, and other appropriate Federal agency heads to implement integrated drought preparedness plans.
Authorizes States, Indian tribes, local governments, and regional, water providers to develop and implement drought preparedness plans.
Amends the Robert T. Stafford Disaster Relief and Emergency Assistance Act to authorize the Director of FEMA to reimburse States for qualifying costs incurred in prepositioning wildfire suppression resources.