Compensation for regulatory taking

(a) In general If a Federal regulation relating to the definition of navigable waters or waters of the United States diminishes the fair market value or economic viability of a property, as determined by an independent appraiser, the Federal agency issuing the regulation shall pay the affected property owner an amount equal to twice the value of the loss. (b) Administration Any payment provided under subsection (a) shall be made from the amounts made available to the relevant agency head for general operations of the Federal agency. (c) Applicability A Federal regulation described in subsection (a) shall have no force or effect until the date on which each landowner with a claim under this section relating to that regulation has been compensated in accordance with this section.