National Building Standards Act

National Building Standards Act - Establishes a nonprofit, nongovernmental National Institute of Building Standards to make findings and to advise the public and private sectors concerning the use of building science and technology in achieving nationally acceptable standards and provisions for use in Federal, State, and local housing and building regulations.

Creates a National Academy of Sciences-National Academy of Engineering-National Research Council to: (1) assist in establishing the Institute; (2) to develop an organizational framework to provide for the maximum feasible participation of scientific, technical, financial, and consumer organizations in promulgating building codes and regulations; and (3) to publish in the Federal Register appropriate organizational rules and procedures for the Institute.

Sets forth provisions for the membership, organization, and administration of the Institute.

Authorizes the Institute to accept contracts and grants from Federal, State, and local governmental agencies, and from private organizations. Provides for cooperation with the Institute by Federal, State, and local agencies in carrying out any building-or construction-related program.

Authorizes $5,000,000 annually for the first two years of the Institute's operation, $3,000,000 annually for the next two years, and $2,000,000 for the fifth year of operation. Provides for an annual report to the Congress, and for audit and review of records by the General Accounting Office.