Olympic Sports Commission Act

Olympic Sports Commission Act - Establishes a President's Commission on Olympic Sports composed of twenty-seven members including not less than three amateur athletes who competed in at least one of the past three Olympic games, who shall be appointed by the President of the United States.

Directs the Commission to: (1) conduct a full and complete investigation, study, and evaluation of the United States Olympic Committee, its activities and its present and former membership groups on a sport-by-sport basis, as they relate to the effectiveness of the United States teams in international competitions in the Olympic sports; (2) determine what factors impede or prevent or tend to impede or prevent the United States from fielding its best amateur athletes for participation in Olympic games and other international amateur sporting events in the Olympic sports; (3) study methods for assuring adequate financial support for our Olympic teams and other amateur athletic teams participating in international competitions in the Olympic sports; and (4) investigate, study, and evaluate any other related matters that have a direct bearing upon participation by amateur athletes of the United Sates in Olympic games and other international amateur sporting events in the Olympic sports, including development plans to increase the level of sports participation generally in the United States.

Directs the Commission to submit two reports of its findings and recommendations to the President and to the Congress. Requires that the first report, on the organization and operation of the United States Olympic Committee and its member groups, shall be submitted eight months after all the members of the Commission have been appointed. Requires that the second report, on development plans for each sport for 1976 and beyond, shall be submitted after the next five months.

Authorizes to be appropriated to carry out the provisions of this Act, the sum of $1,200,000 to remain available until expended.