Interagency Coordinating Committee on Federal Participation in Sematech Act of 1987

Interagency Coordinating Committee on Federal Participation in Sematech Act of 1987 - Establishes the Interagency Coordinating Committee on Federal Participation in Sematech and an Advisory Council on Federal Participation in Sematech. Defines "Sematech" as a consortium of U.S. semiconductor manufacturers, materials manufacturers, equipment manufacturers, academic institutions, and Federal agencies, established for the purpose of: (1) conducting research concerning advanced semiconductor manufacturing techniques; and (2) developing techniques to adapt manufacturing expertise to a variety of semiconductor products.

Requires the Committee, within 120 days after enactment of this Act, to report to the Congress its recommendations about whether the Federal Government should participate in Sematech. Specifies the contents of a favorable report. Outlines the duties of the Committee should a majority vote to support Federal participation. Requires the provision of grants and other financial assistance to Sematech in such an event but limits the Federal share of costs to 50 percent. Makes the Committee a liaison between Federal agencies and private participants in Sematech. Directs the Committee to require Sematech to submit annual reports and provide for biennial audits.

Authorizes appropriations for FY 1988 through 1993.