Travelers Security Act of 1986

Travelers Security Act of 1986 - Title I: Transportation Security Trust Fund - Amends the Internal Revenue Code to establish a Transportation Security Trust Fund (the Fund) in the Treasury.

Imposes a one-half of one percent tax on the amount paid for transportation of any person by air, rail, or bus by common carrier within the United States.

Title II: Transportation Security Program - Authorizes the Secretary of Transportation (the Secretary) to make a grant from the Fund to the operator of a transportation facility for the implementation of an approved security program. Authorizes the Secretary to make a loan from the Fund to the operator of a high risk foreign airport for the implementation of an approved security program. Requires the Secretary to publish a list of high risk foreign airports which shall include all foreign airports that present a greater than ordinary risk of terrorism to a significant number of U.S. citizens.

Requires the operator of a transportation facility or high risk foreign airport, before applying for such a grant, to have a security systems analysis prepared for the facility or airport. Requires such analysis to be conducted by a person who is approved by the Secretary and who: (1) is primarily engaged in providing engineering and scientific research and development services; (2) is not a manufacturer or distributor of security equipment; (3) has a top secret security clearance; and (4) has demonstrated to the Secretary's satisfaction sufficient expertise in security matters.

Requires a security program to include the training of security personnel.

Prohibits the Secretary from approving an application for a grant or loan under this title unless the Secretary is satisfied that the security program is in accordance with the recommendations of the security systems analyst. Sets forth the method for applying for a grant and for approving such application.

Requires the Secretary to maintain a list of: (1) all approved site security systems analysts; and (2) all approved transportation security training programs and program operators.