(House agreed to Senate amendment with an amendment) Asbestos Hazard Emergency Response Act of 1986 - Amends the Toxic Substances Control Act to direct the Administrator of the Environmental Protection Agency (EPA) to promulgate regulations for asbestos hazard abatement in the schools, including inspections, response actions, operations and maintenance, transportation and disposal, and management plans for local educational agencies. Requires each local educational agency to develop an asbestos management plan which provides for inspections, removal, reinspections, and the use of accredited consultants involved in developing the plan or in the response actions concerning friable asbestos-containing material. Requires warning labels on any friable asbestos-containing material and asbestos-containing material still in routine maintenance areas of a school building. Includes Department of Defense overseas schools under this Act to the extent feasible and consistent with national security. Requires local educational agencies to respond to asbestos according to EPA's most current guidance document if the Administrator fails to promulgate regulations within the prescribed period. Requires such agencies to develop and implement operation and maintenance and management plans for friable asbestos-containing material in school buildings, including inspections and State approval. Sets forth standards for ambient interior concentrations of asbestos after completion of response actions under the current guidance document. Requires that the public be informed and protected during the phases of the management plan, including transportation and disposal. Authorizes each State Governor to establish administrative procedures for reviewing school asbestos management plans to be carried forward by the local educational agency. Directs the Administrator to develop a model accreditation plan for States to give accreditation to individuals who inspect, manage, and respond to friable asbestos and other asbestos problems in schools. Requires States to adopt a plan at least as stringent as the model. Requires EPA training courses or trained personnel to meet such standards. Requires the Secretary of Commerce, through the National Bureau of Standards, to develop an accreditation program for laboratories analyzing asbestos samples. Makes the use of accredited personnel and laboratories a condition for receiving financial assistance under the Asbestos School Hazard Abatement Act of 1984. Makes any local educational agency which fails to comply with this Act liable for civil penalties. Requires the Administrator or appropriate Governor to investigate citizen complaints. Permits citizen suits to compel the Administrator to meet deadlines for promulgating regulations. Authorizes the Administrator or the appropriate State Governor to take necessary response measures where the presence of airborne asbestos or the condition of friable asbestos-containing material in a school building may be hazardous and adequate local measures have not been taken. Sets forth notification requirements and cost recovery entitlements when such actions are taken. Provides that State law is not preempted from imposing additional liability or more stringent requirements with respect to asbestos in schools. Directs the Administrator to study and report to the Congress on the availability of liability insurance to local education agencies and asbestos contractors for actions taken under this Act. Requires a final report by FY 1991. Prohibits discrimination by a State or local educational agency against a whistle-blower. Directs the Administrator to appoint an Asbestos Ombudsman to answer complaints and inquiries concerning aspects of this Act. Requires the Administrator to study and report to the Congress within 360 days on the need for a similar program for public and commercial buildings. Establishes the Asbestos Trust Fund in the Treasury to carry out the Asbestos Hazards Abatement Assistance Program. States that such Fund shall consist of amounts repayed under loans made under the Asbestos School Hazard Abatement Act of 1984. Directs the Administrator to make grants to local educational agencies to inspect for asbestos in school buildings and develop management plans. Limits amounts available for administrative purposes.