A bill to establish an American Slavery Memorial Council and to provide for the construction of a permanent museum memorializing the victims of slavery.

Establishes the American Slavery Memorial Council whose duty it will be to plan, construct, and oversee the operation of a museum memorializing the victims of American slavery. Specifies the number, method of appointment, and terms of Council members.

Authorizes the Council to purchase real property within the District of Columbia, accept gifts of real and personal property, and enter into contracts in pursuit of its duties under this Act. Subjects the museum's design, and any Federal agency's transfer of real property in the District of Columbia to the Council, to the approval of the Commission of Fine Arts and the National Capital Planning Commission.

Sets the pay and allowances to be provided to Council members. Directs the President to appoint an executive director of the Council upon the recommendation of the Council chairperson.

Sets forth miscellaneous provisions regarding Council powers. Authorizes appropriations for FY 1987 and 1988, but prohibits their use for museum construction. Terminates the Council's authority to construct the museum if such construction is not commenced within five years with funds sufficient to ensure its completion.