Uranium Revitalization, Tailings Reclamation and Enrichment Act of 1988

Uranium Revitalization, Tailings Reclamation and Enrichment Act of 1988 - Expresses the purposes of this Act, including to ensure a domestic supply of uranium for defense and nuclear power programs and to establish a system for financing reclamation at uranium and thorium processing sites.

Title I: Uranium Revitalization - Amends the Atomic Energy Act of 1954 to repeal: (1) the authority of the Nuclear Regulatory Commission to enter into contracts for producing or enriching special nuclear material; and (2) the requirement that the Secretary of Energy monitor the viability of the domestic uranium mining and milling industry and report to the Congress thereon.

Establishes the Uranium Revitalization Fund for the purchase of domestic uranium by the Secretary of Energy (the Secretary). Mandates contributions to the Fund from: (1) States in which active uranium processing sites are located; (2) owners or licensees of such active sites; (3) the United States Enrichment Corporation (established by this Act); and (4) fees received from owners or operators of civilian nuclear power reactors. Prescribes a contribution schedule. Requires the Secretary to obligate from the Fund certain amounts for domestic uranium purchases from small domestic producers for specified years. Outlines a competitive bidding system for such pruchases.

Requires the Secretary, within 180 days after the date of enactment of this Act, to develop recommendations and implement programs promoting domestic uranium exports.

Restricts the use of federally-owned natural uranium stockpiles to: (1) military purposes; (2) Federal research; and (3) certain activities of the United States Enrichment Corporation (the Corporation).

Requires annual certification to the Secretary of the total weight of uranium in new fuel assemblies loaded during the past year by owners or operators of civilian nuclear power reactors between 1990 and such year that $1,000,000,000 has been contributed to the Fund.

Declares that the use and purchase of natural uranium under this Act shall not decrease the demand for natural uranium by United States utilities. Restricts the use of natural uranium purchased by the Corporation to overfeeding and enriched uranium preproduction. Authorizes the Corporation to use or recycle enrichment tails only for military purposes or for replacement of certain uranium previously used in over-feeding.

Title II: Remedial Action Performed by the Owner or Licensee of Active Sites - Provides that remedial action with respect to uranium shall be performed according to statutory guidelines by the site owner or licensee at the active site. Requires that such owners' reclamation expenses be reimbursed from the Uranium Revitalization Fund. Identifies the active sites that qualify for such reimbursement. Authorizes the owners or licensees of such sites to elect to perform remedial actions through the Fund and be entitled to reimbursement for such actions. Requires notification of the Secretary of such election on or before January 1, 1990. Outlines the reimbursement procedure. Provides that the costs of remedial actions at active thorium sites shall be borne by the licensee or owner, subject to Federal reimbursement for a portion of the costs if the tailings were generated as an incident of sale to the United States.

Authorizes appropriations.

States that the sole liability and financial obligation under Federal law for remedial action at active uranium and thorium sites shall consist of the contributions and work performed by active site owners or licensees.

Title III: United States Enrichment Corporation - Establishes the United States Enrichment Corporation as a wholly-owned Government corporation to acquire, operate, and market uranium enrichment activities on a commercial, profitable basis. Mandates that its corporate structure be self-financing in order to obviate the need for Federal financing. States that the Corporation Administrator shall be appointed by the President with the advice and consent of the Senate.

Establishes an Advisory Board to review Corporation policies and performance. Transfers certain Department of Energy property to the Corporation.

Requires the Corporation to establish charges to its customers that will recover costs of decommissioning and decontamination of Corporation property.

Requires the Corporation to report annually regarding its activities to the President and certain congressional committees. Requires the Commission to promulgate licensing regulations for facilities employing gaseous diffusion technology.

Sets guidelines for payments in lieu of taxes by the Corporation to States and local governments.

Directs the Secretary to indemnify Corporation contractors for nuclear hazards incidents as if such contractors were contractors of the Secretary.

Requires the Administrator to make recommendations to the President and the Congress five years after enactment of this Act regarding the transfer of the Corporation's functions and assets to private ownership.

Establishes the Uranium Enrichment Decontamination and Decommissioning Fund to cover the Corporation's decommissioning and decontamination expenses.

Applies Federal environmental and occupational safety and health law to the Corporation as though it were privately owned.

Eliminates the treatment of uranium enrichment facilities as production facilities under the Atomic Energy Act with respect to the importation of such facilities into the United States (thus subjecting them to less stringent licensing requirements). Repeals the proscription against the use of specified appropriations for Federal uranium supply and enrichment activities.

Prohibits the Corporation's total FY 1989 expenditures from exceeding its total FY 1989 receipts.