Federal Aviation Administration Reform Act of 1995

Federal Aviation Administration Reform Act of 1995 - Establishes as an independent Federal agency the Federal Aviation Administration (Administration). Declares that the Administration shall be administered by an Administrator, who shall be appointed by the President to a seven-year term, by and with the advice and consent of the Senate.

(Sec. 8) Transfers to the new Administration all functions of the Federal Aviation Administration (FAA) of the Department of Transportation and of the Secretary of Transportation which are administered through the FAA.

(Sec. 16) Establishes the Federal Aviation Management Advisory Committee to provide advice and counsel to the Administrator on issues which affect or are affected by the operations of the Administrator.

(Sec. 17) Directs the Administrator to establish a select panel to review and report to the Congress regarding innovative financing mechanisms for ensuring adequate funding for existing and future aviation infrastructure needs.

(Sec. 18) Authorizes the Administrator to accept transfers from other Federal agencies to funds which are available to carry out functions transferred by this Act to the Administrator or functions assigned by law to the Administrator on or after enactment of this Act.

(Sec. 23) Directs the Administrator to conduct pilot programs which utilize a trial: (1) acquisition management system to procure goods and services by the Administration; and (2) personnel management system for the management, compensation, and advancement of its employees. Requires the Administrator, upon the development of such systems, to submit a comprehensive plan describing them to the Congress. Terminates such systems effective October 1, 2002.

(Sec. 25) Directs the Management Advisory Panel to submit to the Administrator and to the Congress a report evaluating the results of the pilot programs in acquisition and personnel reform.