Nuclear Waste Policy Amendments of 1987

Nuclear Waste Policy Amendments of 1987 - Prohibits the expenditure of funds for any nuclear waste site characterization activities before the Federal Radioactive Waste Agency (established by this Act) has nominated sites for selection as repositories.

Establishes the Federal Radioactive Waste Agency as an independent instrumentality within the executive branch. Establishes a Director of such Agency. Requires an annual report to the Congress regarding Agency activities and expenditures. Outlines the staffing and functions of the Agency. Directs the Comptroller General to make annual audits of the Agency.

Repeals specified repository siting guidelines issued by the Department of Energy. Requires the Director to: (1) issue revised guidelines for the recommendation of repository sites; (2) nominate at least five sites considered suitable for characterization within 18 months after such revised guidelines are issued; (3) recommend to the President at least three sites as candidate sites; and (4) issue an environmental assessment for each such site.

Provides that if the President approves certain candidate sites in an order other than the order in which such sites were ranked, then no site characterization activity will be implemented until 18 months after the President's approval. Sets forth procedural guidelines under which the President is required to submit site recommendations to the Congress.

Amends the Nuclear Waste Policy Act of 1982 to prescribe guidelines under which the Nuclear Regulatory Commission shall allocate disposal capacity in the first repository among producers of high-level radioactive waste and spent nuclear fuel.

Requires the Director to: (1) make grants to States adjacent to States in which a repository candidate site is approved for the purpose of studying the safety and environmental impact of such repositories; (2) appoint a panel to study the need for disposal capacity beyond the 70,000 metric ton limitation, and to submit its findings and recommendations to the Director within 12 months after the date of enactment of this Act; (3) submit the panel findings to the Congress, along with recommendations for implementation; and (4) revise the mission plan in order to implement the amendments made by this Act.