Amends the Atomic Energy Act of 1954 to prohibit the transportation of any high level radioactive waste or spent nuclear fuel without a license granted by the Nuclear Regulatory Commission (the Commission). Sets forth the details of such license application, including emergency procedures in the event of a potential release of radioactive waste.

Directs the Commission to prepare an environmental assessment detailing the basis of its decision to issue a nuclear waste transportation license prior to the issuance of such license. Sets forth the details of such assessment. Directs the Commission to impose shipping restrictions (based upon such environmental assessment) which will either minimize risk or enhance the potential for containment and clean up in the event of accidental radioactive waste release.

Directs the Department of Energy, the Commission, the Department of Transportation and the Federal Emergency Management Agency to: (1) determine the emergency response capabilities of those States and Indian tribes whose territory is traversed by radioactive waste transportation routes; and (2) to develop and exercise with such States and tribes an emergency response and mitigation plan within 12 months of a transportation license issuance date. Prohibits any shipments unless such plans are developed and periodically exercised.

States that no Federal regulation shall preempt States and Indian tribes from imposing certain nuclear waste transportation regulations.

Makes certain nuclear waste transportation restrictions inapplicable if the Commission certifies that compelling safety or national security reasons necessitate immediate nuclear waste transportation to another site.