Marine Resources Investment and Economic Competitiveness Act of 1987

Marine Resources Investment and Economic Competitiveness Act of 1987 - Expands coverage of the National Sea Grant College and Program Act to include Great Lakes resources. (Current law covers ocean and coastal resources.)

Authorizes the Secretary of Commerce (the Secretary) to establish a marine policy fellowship program for the placement of qualified graduate students with the legislative or executive branches of the U.S. Government.

Amends the Sea Grant Improvement Act of 1976 to authorize the Secretary to make grants of up to 100 percent to carry out the strategic marine research program. Prohibits granting more than ten percent of the total funds appropriated for any fiscal year to persons in any one State, except for centers of excellence designated as provided in this Act.

Requires the Under Secretary of Commerce for Oceans and Atmosphere (the Under Secretary), within one year of enactment of this Act, and every three years thereafter, to develop and publish a report identifying and describing priority areas for strategic marine research. Requires submission of the report to the Committee on Merchant Marine and Fisheries in the House of Representatives and the Committee on Commerce, Science, and Transportation in the Senate. Prohibits the Under Secretary from making such grants until 45 days after receipt of such report by the committees. Authorizes the Secretary, upon making certain findings, to designate centers of excellence in strategic marine research.

Requires the Secretary to establish and administer a program of strategic marine research postdoctoral fellowships. Prohibits, except for such centers of excellence, more than ten percent of the fellowship awards being in use at any one sea grant program in the same fiscal year. Prohibits use of a fellowship to support an individual at the institution where that individual received a graduate degree.

Authorizes the Secretary to enter into contracts and make grants for specified purposes. Sets eligibility requirements. (Current law requires the Secretary to support a sea grant fellowship program.)

Establishes an independent committee to be known as the sea grant review panel, superseding the existing sea grant review panel, within 90 days after the enactment of this Act. Provides for the duties, membership, terms, and powers of such panel.

Authorizes appropriations of specified amounts for each of FY 1988 through 1992. Provides for reversion of unused grant funds to the Secretary for use in other grants under the same provision as the original grant.

Requires the Secretary, within one year of the enactment of this Act, to prescribe rules and regulations necessary to carry out provisions of this Act regarding the strategic marine research program.

Repeals the provision of the current law dealing with the sea grant international program.

Repeals provisions relating to a biennial report by the Secretary to the Congress and the President regarding the national sea grant program.