Synthetic Fuels Reform and Budget Reduction Act

Synthetic Fuels Reform and Budget Reduction Act - Provides that, except as provided below, all funds in the Energy Security Reserve shall be deposited in the Treasury and shall not be available for obligation with respect to synthetic fuels projects. Sets aside $500,000,000 of the funds in the Reserve to be made available to the Secretary of Energy to carry out a five-year program for the advanced research and development of coal utilization technologies. Provides that $2,500,000,000 which shall be available for obligations by the United States Synthetic Fuels Corporation in accordance with this Act and with the Energy Security Act, plus the funds necessary to meet obligations with respect to binding commitments entered into before enactment of this Act and still in effect, shall be retained in the Reserve.

Requires the Corporation to submit for congressional approval a proposed comprehensive strategy to achieve the national synthetic production goal established under the United States Synthetic Fuels Corporation Act of 1980. Requires that such strategy be submitted within a specified time period. Requires that such strategy include a financial or investment prospectus justifying the proposed obligation of amounts retained in the Reserve for synthetic fuels projects. Permits such obligations only after the proposed strategy has been approved by joint resolution.

Amends the United States Synthetic Fuels Corporation Act of 1980 to provide that the Administrative Procedure Act, the Freedom of Information Act, the Government in the Sunshine Act, and Federal law relating to disclosure of confidential information shall apply to the Corporation as if it were a Federal agency.

Requires the Board of Directors of the Corporation to fix the compensation of Corporation officers and other employee categories in accordance with the Executive Schedule and the General Schedule. (Under current law, the Board must take the Executive and General Schedules into consideration in fixing such compensation.)

Requires the Board of Directors, the Secretary of Energy, and the Administrator of the Environmental Protection Agency to agree on a Memorandum of Understanding establishing a program for monitoring and accumulating data with respect to the technical performance, environmental and socioeconomic impacts, and economic viability of projects funded by the Corporation. Provides that contracts for financial assistance shall require the financial assistance recipient to develop a plan ensuring full cooperation with such program.

Changes the date on which the Corporation shall terminate from September 30, 1997, to June 30, 1987. Provides that the liquidation of the Corporation and the winding up of its affairs shall be transferred to the Secretary of the Treasury, the Secretary of Energy, and the Administrator of the Environmental Protection Agency jointly in accordance with a Memorandum of Understanding agreed to by them if the Board of Directors of the Corporation has not completed the termination of the Corporation's affairs and its liquidation by the termination date. (Under current law, such duties are to be transferred to the Secretary of the Treasury only.)