Comprehensive Environmental Risk Management Act of 1988

Comprehensive Environmental Risk Management Act of 1988 - Expresses the U.S. policy regarding Federal environmental protection activities administered by the Environmental Protection Agency, including that such activities shall attain the greatest risk reduction possible with the resources available.

Requires the Administrator of EPA to act to protect human health and the environment on the basis of careful assessment of risks and evaluation of control options for their management. Requires the development of risk assessment guidelines covering specified elements, including mutagenicity assessment, carcinogenicity assessment, exposure estimates, reproductive risks, and ecological effects. Requires guidelines to include hazard determinations, dose response assessments, exposure assessments, and risk characterizations.

Requires a report to the Congress projecting the net risk reduction and costs that would result from control and abatement of environmental hazards in accordance with this Act. Requires inclusion of a list of human and environmental risks with which the EPA is concerned and the potency, exposure, and other information for each risk. Requires recurring reports every four years.

Requires an annual report to the Congress projecting the net risk reduction and costs that would result from the implementation of each of the Agency's abatement and control programs.

Requires a report on the status of risk assessment within the Federal Government, to include a review of risk assessment activities presently being carried out within Federal agencies with a mandate to protect the public health, specifying under which legislative authority they are and are not being carried out, and the limitations under such authorities which prevent the full utilization of risk assessment. Authorizes appropriations.