A bill to improve the operation of the National Sea Grant College Program.

Amends the National Sea Grant College Program Act to expand coverage of the Act to include Great Lakes resources. (Current law covers ocean and coastal resources.)

Authorizes the Secretary of Commerce to enter into contracts and make grants to enhance cooperative international research, promote marine activities with foreign universities, encourage technology transfer, and promote foreign data exchanges.

States that any person may apply for a grant or contract under specified existing provisions of the Act. Requires the Secretary to act on each application within six months after all required information is received.

States that any sea grant college, sea grant regional consortium, or institution of higher education, laboratory, or other entity of a State may apply for a grant or contract relating to international activities as provided for in this Act. Requires the Secretary, before approving an application, to consult with the Secretary of State.

Authorizes the Secretary to make grants or enter into contracts regarding strategic ocean, coastal, and Great Lakes research areas. Restricts grants and contracts to: (1) sea grant colleges, sea grant programs, sea grant regional consortiums, or persons applying through colleges, programs, or consortiums; and (2) programs or projects subject to procedures, including peer review, equivalent to those applied by sea grant colleges and sea grant regional consortiums in administering sea grant programs.

Directs the Secretary to identify a limited number of strategic ocean, coastal, and Great Lakes resources research areas regarding which grants may be made, or contracts entered into, under this Act. Sets forth criteria to be applied by the Secretary in identifying such research areas.

Authorizes the Secretary to designate any sea grant college, sea grant program, or sea grant regional consortium as a center of excellence. Permits no more than ten percent of the funds appropriated for any fiscal year under provisions of the Act to be obligated within any one State, except for centers of excellence.

Authorizes the Secretary to establish an internship program for the placement of students at the graduate level in fields related to ocean, coastal, and Great Lakes resources in the legislative or executive branches of the Federal Government.

Describes a postdoctoral fellowship program which the Secretary is required to establish.

Establishes an independent committee to be known as the sea grant review panel, superseding the existing sea grant review panel.

Authorizes appropriations for FY 1988 through 1992.

Repeals the Sea Grant Program Improvement Act of 1976.