Federal Building Asbestos Hazard Abatement Act of 1986

Federal Building Asbestos Hazard Abatement Act of 1986 - Amends the Toxic Substances Control Act to direct the Administrator of the Environmental Protection Agency (EPA) to promulgate regulations for asbestos hazard abatement in Federal and other buildings.

Directs the Administrator to develop a model accreditation plan for States for individuals who inspect, manage, abate, and analyze asbestos problems. Requires asbestos contractors to be accredited by an equivalent or more stringent plan.

Requires the Administrator to develop and periodically revise a schedule of Federal buildings to be inspected, including a management plan for those found to contain asbestos and the possible later addition of non-Federal buildings. Requires the owners of designated buildings to conduct an asbestos inspection, reporting results to the Administrator and posting results in the inspected building. Requires owners of buildings found to contain asbestos to prepare a management plan for dealing with the substance, including schedules for followup inspections, which complies with the regulations. Requires that such plans be made available to the public.

Requires warning labels on any asbestos still within the building.

Prohibits the Federal leasing of any building not inspected for asbestos.

Authorizes the Administrator or the appropriate State Governor to take necessary response measures where asbestos in a designated building may be hazardous and adequate owner's actions have not been taken.

Requires the Administrator to include actions taken under this Act in the annual report required under the Toxic Substances Control Act.