The bill establishes and outlines the operation of Cooperative Institutes, fostering partnerships between the National Oceanic and Atmospheric Administration (NOAA) and eligible research institutions. It specifies program goals, activities, establishment procedures, financial assistance, renewal, and discontinuance of the Institutes. The bill emphasizes collaboration, research funding, student involvement, and peer reviews. The NOAA Under Secretary oversees these Institutes, which are subject to periodic assessments and must adhere to performance measures. The bill also mandates the maintenance of a Cooperative Institute Handbook and requires the Under Secretary to report to the appropriate congressional committees on any discontinuance plans.