A bill to amend the Foreign Assistance Act of 1961 to authorize economic relief and rehabilitation assistance for the Republic of Ireland and Northern Ireland.

Amends the Foreign Assistance Act of 1961 to authorize the President to furnish assistance for economic relief and rehabilitation for Northern Ireland and the Republic of Ireland if specified conditions are met. Authorizes such assistance for Northern Ireland if: (1) at least 30 days before the funds are obligated the Administrator of the Agency for International Development (AID) reports to the Congress on plans for the use and disbursement of the funds and the Congress does not object to such plans within 30 days; (2) Great Britain commits itself to discussions aimed at achieving a political solution with all parties in the Republic of Ireland and Northern Ireland; and (3) Great Britain declares its intention to withdraw from Northern Ireland. Authorizes assistance for the Republic of Ireland if all the above conditions for aid to Northern Ireland are met and Great Britain includes in its declaration of withdrawal from Northern Ireland its intention to seek or promote reunification of Northern Ireland with the Republic of Ireland.

Authorizes appropriations for such purpose for FY 1986 through 1990.

Provides for the establishment of an advisory board that will assist the Administrator of AID in administering such assistance.

Expresses the sense of the Congress that the European Economic Community should also provide economic assistance to Northern Ireland once a political solution is developed.