Raritan Bay Stewardship Initiative of 2006 - States as the purpose of this Act the establishment of the Raritan Bay Stewardship Initiative to identify, protect, and enhance sites within the Raritan Bay ecosystem with significant ecological, educational, open space, public access, or recreational value through a bi-state network of sites.
Establishes the Raritan Bay Stewardship Initiative Region within New York and New Jersey.
Establishes the Raritan Bay Stewardship Advisory Committee, which shall: (1) identify 20 initial Raritan Bay stewardship sites; (2) seek to ensure an equal distribution of funds between New York and New Jersey for the initial sites (authorizes site owners to apply to have the sites identified as stewardship sites); (3) identify additional recreation areas and natural areas with ecological value as potential stewardship sites; (4) publish a list of sites that further the purposes of this Act; (5) apply an adaptive management framework to the process of updating the list; and (6) report annually for FY2007-FY2014 on recommended sites and recommended grants for securing and improving sites. Directs the Administrator of the Environmental Protection Agency (EPA) to review the Committee's recommendations, approve stewardship sites, award grants, and report periodically on the Initiative.
States that nothing in this Act requires private property owners located within the Region to participate in the Initiative.