Rural Economic Vitalization Act - Directs the Secretary of Agriculture (USDA) or the Secretary of the Interior to: (1) accept and terminate any grazing permit or lease that is waived by a grazing permittee or lessee; and (2) not issue any new grazing permit or lease within the grazing allotment covered by the retired permit or lease, and ensure a permanent end to livestock grazing on such allotment.
Directs the appropriate Secretary, if a grazing allotment covered by a waived permit or lease is also covered by another permit or lease that is not waived, to reduce the level of commercial livestock grazing on the grazing allotment to reflect such waiver.
Deems a permittee or lessee who waives a grazing permit or lease to have waived any claim to all range developments on the associated grazing allotment.