Veterans Radiation Exposure Compensation Act - Grants a presumption of service-connected disability to any veteran who, while serving in the armed forces during a period of war, was exposed to ionizing radiation as a result of nuclear testing by the United States, and who has had leukemia, thyroid or bone cancer, or any other disease listed by the advisory panel established by this Act. Entitles any such veteran who died prior to January 1, 1957, to wartime disability and death compensation.

Entitles such veterans to hospital care for psychosis and to burial benefits.

Establishes within the National Cancer Institute an Advisory Panel on the Health Effects of Exposure to Radiation to conduct a study to identify diseases likely to develop in human beings after exposure to low-level radiation. Directs the panel to report to Congress within nine months on the results of such study. Terminates such panel three months after such report. Exempts such panel from the provisions of the Federal Advisory Committee Act.