National Commission on the Economy Act

National Commission On the Economy Act - Establishes the National Commission on the Economy to conduct a comprehensive study to determine: (1) the causes of (A) price instability; (B) erosion of consumer purchasing power; (C) the high rate of unemployment and serious problems of underemployment; (D) severe inflationary pressures; (E) shortages in certain essential commodities, raw materials, and finished products; (F) problems relating to productivity; and (G) such other economic problems as the Commission determines to have a significant impact on consumers; (2) the effectiveness of existing organizational and institutional arrangements in the Federal Government for establishing sound economic policies; (3) the impact on the economy of the major regulatory agencies of the Federal Government; (4) the adequacy of the data collection practices of the Federal Government as they relate to the formulation of economic policy; and (5) the impact on the economy of the fiscal and monetary policies on the Federal Government.

Specifies further factors to be considered in determining the causes of the current economic problems.

States that the Commission shall be composed of 14 members to be appointed by the President, the Senate majority leader, and the Speaker of the House of Representatives.

Provides for the administration and states the powers of the Commission.

Requires the Commission to submit: (1) a progress report to the President and to the Congress one year after the date of enactment of this Act, and (2) a final report not later than 2 years after the date of the first Act appropriating funds to the Commission.

States that the Commission shall cease to exist 30 days after submitting its final report.