Federal Ocean Acidification Research And Monitoring Act of 2008 or FOARAM Act - (Sec. 3) Defines "ocean acidification," for this Act, as the decrease in pH of the Earth's oceans and changes in ocean chemistry caused by chemical inputs from the atmosphere, including carbon dioxide.
(Sec. 4) Requires that the Joint Subcommittee on Ocean Science and Technology of the National Science and Technology Council: (1) coordinate federal activities on ocean acidification; (2) report biennially to specified congressional committees; (3) transmit the strategic research plan developed under this Act to those committees; and (4) submit a revised plan at least once every five years.
(Sec. 5) Requires the Subcommittee to develop a strategic plan for federal ocean acidification research and monitoring that provides for an assessment of ocean acidification impacts on marine organisms and ecosystems and the development of adaptation and mitigation strategies to conserve marine organisms and ecosystems. Directs the Secretary of Commerce, through the administrator of the National Oceanic and Atmospheric Administration (NOAA), to enter into an agreement with the National Academy of Sciences (NAS) to review the plan.
(Sec. 6) Directs the Secretary to conduct research and monitoring and authorizes the Secretary to establish an ocean acidification program in NOAA consistent with the strategic research plan, including: (1) providing grants for critical research projects exploring the effects of ocean acidification on ecosystems and the socioeconomic impacts of increased ocean acidification that are relevant to the plan's goals and priorities; and (2) incorporating a competitive merit-based process for awarding grants that may be conducted jointly with other participating agencies or under the National Oceanographic Partnership Program.
(Sec. 7) Requires the NSF director to continue to carry out ocean acidification research supporting competitive, merit-based, peer-reviewed proposals for research and monitoring of ocean acidification and its impacts.
(Sec. 8) Requires the administrator of the National Aeronautics and Space Administration (NASA) to ensure that space-based monitoring assets are used in as productive a manner as possible for monitoring of ocean acidification and its impacts.
(Sec. 9) Authorizes appropriations to NOAA and to NASA to carry out this Act.