Nuclear Waste Policy Review Commission Act of 1987

Nuclear Waste Policy Review Commission Act of 1987 - Title I: The Nuclear Waste Policy Review Commission; Miscellaneous Provisions - Establishes in the legislative branch the Nuclear Waste Policy Review Commission to advise the Congress regarding the safe disposition of radioactive waste after a review and evaluation of the current status of radioactive waste disposal. Requires the Commission to report its findings and recommendations to the Congress within 12 months after enactment of this Act. Terminates the Commission within 60 days after submission of its report. Authorizes appropriations.

Prohibits the Secretary of Energy from expending any funds to conduct specified activities regarding a nuclear waste site until six months after submission of such report.

Directs the Secretary to consult with and provide financial and impact mitigation assistance to: (1) States; (2) local governmental units; (3) Indian tribes; and (4) special purpose taxing districts. Directs the Secretary to provide grants equal to taxes to special purpose taxing districts (in addition to impact mitigation assistance.).

Authorizes the Secretary to study the feasibility of siting a monitored retrievable storage facility in any State upon its request (including a spent fuel reprocessing facility or a repository).

Title II: The Office of the Nuclear Waste Negotiator - Establishes within the Executive Office of the President the Office of the Nuclear Waste Negotiator, headed by the Nuclear Waste Negotiator who shall be appointed by, and hold office at the pleasure of, the President (with the advice and consent of the Senate). Requires the Negotiator to: (1) find a State or Indian tribe willing to host a repository, a monitored retrievable storage site, or a spent fuel reprocessing facility; and (2) submit to the Congress any proposed agreement regarding such host. Directs the Secretary, upon the Negotiator's request, to prepare an environmental assessment of any site that is under negotiation. Prescribes guidelines for environmental assessments and site characterization. Authorizes grants to assess the feasibility of siting such facilities within the affected locality.

Declares that the issuance of a repository construction authorization shall be considered a major Federal action under the National Environmental Policy Act of 1969 (thus requiring the Secretary of Energy to prepare a final environmental impact statement).

Sets forth alternative termination dates for the Office. Authorizes appropriations.