Clinical Research Enhancement Act of 1996 - Amends the Public Health Service Act to direct the President to establish the President's Clinical Research Panel, as part of the Office of Science and Technology Policy (OSTP), to evaluate the status of the U.S. clinical research environment. Authorizes appropriations.

Requires the Advisory Committee to the Director (of the National Institutes of Health (NIH)) on Clinical Research to report to the Director and to the Panel and to implement recommendations as the Committee determines necessary to remedy NIH clinical research deficiencies. Terminates the Committee five years after enactment of this Act.

Requires the OSTP to review the compositions, functions, and outcomes of study section activities at all Federal agencies as such activities relate to clinical research proposals for investigator-initiated support. Authorizes appropriations.

Requires the Director to: (1) support and expand NIH's clinical research involvement; (2) support and expand available resources; and (3) establish certain peer review mechanisms.

Mandates grants for: (1) the establishment of general clinical research centers to provide the infrastructure for clinical research training and career enhancement; (2) clinical research career enhancement awards; and (3) innovative medical science awards to support individual clinical research projects. Authorizes appropriations.

Increases the maximum aggregate number of contracts that may be made under existing provisions relating to: (1) undergraduate scholarships regarding professions needed by NIH; and (2) loan repayments regarding clinical researchers (currently, clinical researchers from disadvantaged backgrounds). Authorizes appropriations for the loan repayment program. Requires that at least 50 percent of such funds for a fiscal year be used for contracts with qualified health professionals from disadvantaged backgrounds.