Nuclear Waste Policy Amendments of 1986

Nuclear Waste Policy Amendments of 1986 - Prohibits the expenditure of funds for any nuclear waste site characterization activities before the Federal Nuclear Waste Board (established by this Act) has nominated sites for selection as repositories.

Amends the Nuclear Waste Policy Act of 1982 to establish the Federal Nuclear Waste Board within the Department of Energy's Office of Civilian Radioactive Waste Management. Requires such Board to: (1) issue revised guidelines for the recommendation of repository sites; (2) nominate at least five sites considered suitable for characterization within 18 months after such revised guidelines are issued; (3) recommend to the President at least three sites for characterization as candidate sites; and (4) issue an environmental assessment for each such site.

Provides that if the President approves certain candidate sites in an order other than the order in which such sites were ranked, then no site characterization activity will be implemented until 18 months after the President's approval. Sets forth procedural guidelines under which the President is required to submit site recommendations to the Congress.

Authorizes the Secretary of Energy (the Secretary) to make grants to States which are adjacent to States in which a repository candidate site is approved.

Requires the Board to appoint a panel to study the need for disposal capacity beyond a 70,000 metric ton limitation. Requires such panel to submit its findings and recommendations to the Board within 12 months after the date of enactment of this Act. Requires the Board to submit the panel findings to the Congress, along with recommendations for implementation.

Requires the Secretary to revise the mission plan in order to implement the amendments made by this Act.