Metropolitan Washington Airports Act of 1986

Metropolitan Washington Airports Act of 1986 - Authorizes the Secretary of Transportation (the Secretary) to enter into a 50-year lease of the Metropolitan Washington Airports (Washington National Airport and Washington Dulles International Airport) with the Airports Authority (a public corporation established by this Act solely to operate such airports). States that such authority shall lapse two years after the date of enactment of this Act.

Sets forth lease payments and conditions, including requirements that: (1) the Metropolitan Washington Airports be operated as a unit and as primary airports serving the Metropolitan Washington area; (2) the real property constituting such airports be used only for airport purposes; (3) the Airports Authority (the Authority) be subject to certain requirements of the Airport and Airway Improvement Act of 1982; (4) the Authority may not change the number of instrument flight rule takeoffs and landings authorized by the High Density Rule at Washington National Airport; (5) the Authority shall continue all collective bargaining rights of Metropolitan Washington Airports employees; and (6) the Secretary must submit such 50-year lease to the Congress.

Expresses the sense of the Congress that the Airports Authority should: (1) pursue the improvement, construction, and rehabilitation of the facilities at the Metropolitan Washington Airports simultaneously; and (2) complete such improvement, construction, and rehabilitation within five years after the earliest date on which the Airports Authority issues bonds.

Requires the Airports Authority to be a public corporate body with powers conferred upon it jointly by the Commonwealth of Virginia and the District of Columbia under specified guidelines which include: (1) operation of Metropolitan Washington Airports for public purposes; (2) independence from the State and local governments of Virginia and the District of Columbia; (3) authority to issue bonds; (4) authority to acquire real and personal property; (5) authority to exercise the power of eminent domain within Virginia; and (6) authority to levy fees and enter into agreements.

Sets forth conflict-of-interest provisions for members of the Board of Directors of such authority.

Prescribes the membership and terms of the Airport Authority's board of directors, including the appointment of: (1) five members by the Governor of Virginia; (2) three members by the Mayor of the District of Columbia; (3) two members by the Governor of Maryland; and (4) one member by the President with the advice and consent of the Senate.

Requires the board of directors to establish a Board of Review (comprised of members of Congress) to review certain actions of such board of directors for approval or disapproval. Sets forth the membership and terms of such Board of Review.

Sets forth guidelines for the protection of Federal employee interests during the five-year period, including: (1) retention of employees; (2) adoption of pre-transfer labor agreements; (3) credit for accrued annual and sick leave and seniority rights; (4) life and health insurance benefits; and (5) retention of pre-transfer retirement benefits.

Requires the continuation during the 50-year lease term of all collective bargaining rights enjoyed by transferred employees retained by the Airports Authority.

Confers upon the Airports Authority during the 50-year lease the same proprietary powers and restrictions with respect to Federal law as any other airport. Declares that the Metropolitan Washington Airports qualify as a "public airport" eligible for Federal assistance on the same basis as any comparable public airport operated by a regional authority.

Grants the Commonwealth of Virginia concurrent police power authority over the Metropolitan Washington Airports, and grants the Virginia courts jurisdiction over Washington National Airport.

Makes the authority of the National Capital Planning Commission inapplicable to the Airports Authority, but requires the Airports Authority to consult with such Commission and with the Advisory Council on Historic Preservation before undertaking actions which would materially alter either the exterior of the Dulles Terminal or the skyline of Washington National Airport.

Prohibits the Administrator of the Federal Aviation Administration (the Administrator) from altering the number of instrument flight rule takeoffs and landings authorized by the High Density Rule at Washington National Airport except for safety reasons.

Authorizes the Secretary and the Airports Authority to extend the lease of the Metropolitan Washington Airports.

Requires the Secretary and the Administrator to: (1) repeal the rule which permits airlines to buy and sell landing rights at specified high density traffic airports; and (2) refrain from issuing any rule, regulation, or order regarding such airports that is inconsistent with this Act (thus prohibiting future rules permitting the transfer of landing rights).

Sets forth transition provisions which: (1) retain the slot allocations in effect on the date of enactment of this Act; and (2) prohibit any slot transfers except for a trade of slots at the same airport.

Requires the Administrator to establish a slot allocation method using either allocation by scheduling committee or allocation by sale or lease.

Requires the Administrator to make slots available for foreign air transportation and essential air transportation. Declares that: (1) slot allocation is an exercise of the Administrator's authority to assign the use of navigable airspace; and (2) the use of a slot is an operating privilege within the Administrator's exclusive control and jurisdiction.

Outlines the composition of slot allocation scheduling committees. Requires such committees to reach slot allocation agreements by a unanimous vote of the members present and voting. Makes such allocation agreements (including any committee deadlock-breaking mechanism employed by the Administrator) effective for a six-month period. Requires the Administrator to allocate slots by either lease or lottery if a scheduling committee is deadlocked. Requires the proceeds of such slot leases to be deposited in the Airport and Airway Trust Fund. Authorizes air carriers to trade or sublease slots allocated by the Administrator as a result of a scheduling committee deadlock.

Requires the Administrator to redistribute a minimum of five percent of available slots to air carriers not currently serving an airport (or that have fewer than eight slots at such airport) if the Administrator has allocated slots by lottery in order to break a scheduling committee deadlock.

Authorizes air carriers to transfer slots acquired (from the Administrator) through either sale or lease. States that slots reserved for foreign or essential air transportation may only be traded for another slot at the same airport for foreign or essential air transportation. Requires a specified percentage of the gain from a slot transfer or disposition to be transferred to the Administrator for deposit in the Airport and Airway Trust Fund.

Prescribes guidelines under which the Administrator may withdraw slots. Prohibits the withdrawal of foreign and essential air transportation reserved slots. States that the Administrator is not required to compensate an air or commuter carrier for such withdrawals.

Prohibits the Administrator from imposing slot restrictions unless a report has been submitted to the Congress justifying the need for such restrictions. Requires the Administrator to: (1) biennially review and reauthorize (or eliminate) slot restrictions at high density airports; and (2) report to the Congress regarding such restrictions. Terminates such review authority upon its required completion date unless reauthorized by rule by the Administrator.

Prohibits nonstop flights between Washington National Airport and any airport that is more than 1,000 statute miles away.