Ozone and Particulate Matter Research Act of 1997

Ozone and Particulate Matter Research Act of 1997 - Directs the Administrator of the Environmental Protection Agency to: (1) request the National Academy of Sciences to convene an independent panel of scientists with expertise on the health effects of air pollution to establish priorities for research on the health effects of particulate matter; and (2) report the panel's recommendations to the Congress.

Requires the President to establish the Particulate Matter Interagency Committee to develop recommendations for, and periodically evaluate, a program to coordinate the activities of Federal agencies engaged in research on health effects of particulate matter that ensures that such research advances the prioritized agenda of the panel.

Directs the Administrator to: (1) review the air quality criteria and standards under the Clean Air Act for ozone and particulate matter; and (2) determine whether to retain or revise such standards and criteria or promulgate new ones.

Authorizes the Administrator to require State implementation plans under such Act to require ambient air quality monitoring for fine particulate matter. Provides for grants to States to carry out such monitoring.

Reinstates the national ambient air quality standards for ozone and particulate matter in effect on July 15, 1997. Bars revision of such standards until the Administrator's scientific review under this Act is completed.

Directs the National Institutes of Health to begin a research program to study the health effects of allergens on asthmatics, particularly in inner city areas.

Authorizes appropriations.