A bill for the purpose of efficient oversight of professional boxing and the establishment of minimum health and safety standards for boxing, and for other purposes.

Establishes the American Boxing Corporation to develop model State boxing standards.

Directs the Corporation to make grants and provide technical assistance to assist States in adopting and implementing a plan to establish State boxing authorities which meet model standards.

Sets forth the purposes of the Corporation, which include: (1) providing a national computer source for certain boxing information; (2) certifying boxers, cut men, referees, physicians, promoters, matchmakers, managers, and trainers; and (3) proposing changes in the rules of professional boxing.

Requires the Corporation to withdraw certification where: (1) prescribed standards are not being met; (2) bribery, collusion, intentional losing, racketeering, extortion, or the use of unlawful threats, coercion, or intimidation have been used in connection with such certification; or (3) any boxer, promoter, or referee participates in a bout in a State which is not certified by the Corporation.

Sets forth the powers of the Corporation.

Defines the number, qualifications, and term of the Corporation's board of directors.

Authorizes appropriations for FY 1987 and 1988.

Directs the Comptroller General to conduct annual audits of the finances of the Corporation.

Requires the Corporation to submit annual reports to the Congress.