A bill to amend the National Foundation on the Arts and the Humanities Act of 1965 to create the American Film Institute as an independent agency.

American Film Institute Act - Establishes a new nonprofit corporation, to be known as the American Film Institute, which will not be a Federal establishment.

States that the Institute shall have a Board of Trustees, to be composed of twenty-three members, to maintain and administer the Institute.

States that, in administering the Institute, the Board shall have all necessary and proper powers, which shall include but not be limited to: (1) providing for the publication of historical records and of commentaries on the art of film, and disseminate such materials; (2) undertaking and coordinating the preservation of films and artifacts of artistic and historical value (including films and recordings made for television), and the production of films for charitable, patriotic, educational, or other public purposes; (3) maintaining and operating a conservatory for advanced studies in the cinematic arts, cause materials developed at such conservatory to be made available for study in other institutions, and make grants to persons who demonstrate particular promise as film makers; (4) providing programming assistance to exhibitors throughout the Nation in order to increase the accessibility of such films to the American public; (5) providing for the appropriate recognition of extraordinary contributions to the art of film; and (6) advising and assisting educational institutions and other organizations as to methods of teaching and research.