Driftnet Impact Monitoring, Assessment, and Control Act of 1986

Driftnet Impact Monitoring, Assessment, and Control Act of 1986 - Amends the Magnuson Fishery Conservation and Management Act to revise provisions concerning the presence of a U.S. observer aboard foreign fishing vessels fishing in a U.S. fishery conservation zone. Provides that the Secretary of Commerce (the Secretary) shall not approve a foreign vessel's fishing permit application where the facilities aboard such vessels are so inadequate that the health, safety, and welfare of an observer on such vessel cannot be assured.

Requires the Secretary, through the Secretary of State, to immediately negotiate with foreign governments conducting driftnet fishing operations off the U.S. coast an arrangement for the reliable monitoring and assessment of the number of fish, seabirds, and other marine creatures killed, discarded, or lost by such government's driftnet fishing vessels in waters beyond the jurisdiction of the United States. Prohibits the Secretary from issuing a permit to any foreign vessel whose government does not enter into such a monitoring arrangement within one year after the enactment of this Act. Directs the Secretary, within one year after the enactment of this Act, to report to the Congress on the implementation of such arrangements.

Directs the Secretary, within one year after the enactment of this Act and annually thereafter, to report to the Congress on the impact upon living marine resources of all driftnet fisheries off the coasts of the United States. Requires enforcement costs to be taken into consideration when determining fishing permit fees to be charged.

Directs the Secretary to implement a net bounty system to pay persons recovering and turning over to the Secretary lost, abandoned, or discarded driftnet or other plastic fishing net material. Requires such payments to be made from the Fishery Vessel and Gear Damage Compensation Fund.

Directs the Secretary to develop recommendations to establish a driftnet marking, registry, and identification system to determine the vessel origin of lost, discarded, or abandoned driftnets or driftnet fragments. Directs the Secretary, no later than six months after the enactment of this Act, to report to the Congress concerning such recommendations and their implementation.

Establishes a seabird protection zone surrounding the Aleutian Islands off Alaska within which no driftnet fishing is permitted. Directs the Secretary, in cooperation with the Secretary of the department in which the Coast Guard is operating, to enforce such driftnet fishing prohibition.