A bill to authorize appropriations to the Nuclear Regulatory Commission in accordance with section 261 of the Atomic Energy Act of 1954, as amended, and section 305 of the Energy Reorganization Act of 1974, as amended, and for other purposes.

(Measure passed Senate, amended)

Title I: Authorization of Appropriations for Fiscal Years 1986 and 1987 - Authorizes appropriations to the Nuclear Regulatory Commission for FY 1986 and 1987.

Prescribes allocation guidelines for such sums.

Prohibits the Commission from using more than one percent of such amounts for grants and cooperative agreements with universities under specified law.

Authorizes the Commission to reallocate appropriated sums for specified purposes. Limits such reallocation to increases or decreases of not more than $500,000 unless 30 days pass after certain congressional committees receive notice of such reallocation by the Commission regarding the facts and circumstances.

Authorizes the Commission to use appropriated funds for salaries and expenses associated with the cooperative nuclear research program and the material access authorization program.

Authorizes the Commission to issue a nuclear power reactor operating license in the absence of a federally approved State or local emergency preparedness plan if the Commission determines that the existing emergency preparedness plan provides reasonable assurance that the public is not endangered by the operation of such a facility.

Requires the Commission for the next two fiscal years to submit annual reports on licensing and regulatory objectives.

Title II: Amendment to the Atomic Energy Act of 1954 - Amends the Atomic Energy Act of 1954 to repeal the requirement that a proposed agreement between the Nuclear Regulatory Commission and an agreement State (under which the State relinquishes its regulation of certain nuclear materials) must be published once each week for four consecutive weeks in the Federal Register before the Commission may sign it.