National Professions Foundation Act

National Professions Foundation Act - Establishes the National Professions Foundation to promote progress in the professions. Establishes a National Endowment for the Professions administered by a chairman. Establishes the National Council on the Professions; headed by the Chairman and composed of the Chairman and twenty six other members. Provides that the Council shall advise the chairman and review applications for financial assistance under this Act.

Establishes guidelines for selection of the Chairman and members of the National Council on the Professions, defines their duties, establishes their terms of office and determines their rates of compensation.

Authorizes the following appropriation of funds to the Endowment: (1) for the fiscal year 1973, an amount not to exceed $2,500,000, (2) for the fiscal year 1974, an amount not to exceed $5,000,000 and (3) for the fiscal years 1975, 1976, 1977, an amount not to exceed $10,000,000. Authorizes for fiscal year 1978, and for each subsequent fiscal year, such sums as Congress may hereafter authorize to carry out the provisions of this Act relating to the chairman's functions.