Environmental Risk Evaluation Act of 1995 - Directs the Administrator of the Environmental Protection Agency to: (1) rank sources of pollution with respect to the relative degree of risk of adverse effects on human health, the environment, and public welfare; (2) evaluate the private and public costs associated with each pollution source and the costs and benefits of complying with regulations designed to protect against risks associated with such pollution; and (3) evaluate the public and private costs and benefits associated with other Federal actions with impacts on human health, the environment, or public welfare.

Requires the Administrator to identify opportunities to achieve risk reduction through modifications in environmental regulations and programs and other Federal actions with impacts on health, the environment, or public welfare.

Directs the Administrator to: (1) identify the major uncertainties associated with the risks and explain the meaning of the uncertainties in terms of interpreting the ranking and evaluation; and (2) determine the type and nature of research that would likely reduce such uncertainties and the cost of conducting such research. Requires the Administrator to consider and estimate the monetary and other values of the benefits associated with reducing risk to health and the environment.

Establishes triennial reporting requirements with respect to rankings and evaluations and requires such reports to evaluate risk management decisions under Federal environmental laws that present inherent and unavoidable choices between competing risks. Provides for review of reports by the Science Advisory Board prior to submission.