Paperwork Reduction Act Amendments of 1986

Paperwork Reduction Act Amendments of 1986 - Revises current provisions regarding the management of Federal information resources and the coordination of Federal information policy.

Provides for the presidential nomination and Senate confirmation of the Administrator of the Office of Information and Regulatory Affairs.

Expands the authority of the Director to include statistical policy and coordination duties, and the appointment of a chief statistician.

Requires each agency to carry out the responsibilities under this Act for implementing agency information management functions.

Revises information to be included in Federal Register notices regarding public information collection activities.

Requires the Federal Information Locator System to be designed to assist agencies and the public in locating existing Government information derived from information collection requests.

Requires the annual report of the Office of Federal Management to address agency information management initiatives and statistical policy and coordination functions. Requires the Director to submit a report to the Congress, at the time the President submits the budget for FY 1988, on funds requested for information resources management.

Authorizes appropriations to carry out the provisions of this Act for FY 1987 through 1990.

Amends the Federal Property and Administrative Services Act of 1949 to establish the Information Technology Fund, consisting of the capital and assets of the Federal telecommunications fund and of the automatic data processing fund, and certain supplies and equipment transferred to the Administrator of General Services. Sets forth the authority of the Administrator under the Fund.

Authorizes the Director of OMB to hire employees as necessary to enable the Office of Information and Regulatory Affairs to carry out its functions under this Act.