No it’s a blank check for future liberal courts.
Not only a “blank check”, it can be filled out again and again, for whatever amounts the Feds deem to be fair (to them).
I see a HUGE states’ rights issue here. But since this bill was sponsored by Feingold, the chances of it being declared unConstitutional are somewhere between slim and none, and slim just left town.
Is anybody sure that several Western states won’t take umbrage at this erosion of their authority? Water rights are at the CORE of a lot of law in the arid West.