No, the Bankhead-Jones Act was during the depression (1937), and people gave over title of land deemed to be submarginal to the feds. There are still hard feelings because people still believe the deal was that they could get it back when things turned around, but that never happened.
That is entirely different than school sections, which were never in private ownership. They are just administered as D of Interior (BLM)lands. Lot of Bankhead-Jones lands in the Thunder Basin.
