An act to establish a Congressional Award Board to administer a Congressional Award Program designed to encourage initiative and achievement among youths.

(Measure passed House, amended)

Congressional Award Act - Establishes the Congressional Award Board which shall establish and administer the Congressional Award Program which shall be designed to promote initiative, achievement, and excellence among youths in the areas of public service, personal development, and physical and expedition fitness.

Establishes three levels of awards to be awarded to young people within the United States who have satisfied the standards of achievement established by the Board.

Authorizes the appointment, by a majority vote of the Board, of a Director who shall be the principal executive of the program and shall supervise the affairs of the Board.

Authorizes the appointment of Regional award directors for any State or other appropriate geographic area of the United States who shall solicit recommendations regarding appointment from public and private youth organizations and make recommendations to the Board.

Directs the Board to submit a report to Congress by March 1 of each year summarizing the activities of the Program.

Sets forth the powers and restrictions of the Board. Prohibits the Board from taking any action which would disqualify it from treatment as a tax-exempt organization as described in the Internal Revenue Code.

Directs the Board to provide for the establishment of a private-nonprofit corporation for the purpose of assisting the Congressional Award Program.

Specifies that the members of the board of the award program and the members of the board of the corporation shall be the same.

Allows the financial records of the Board and the corporation to be audited by the Comptroller General of the United States.

Terminates the Congressional Award Board six years after the date of enactment of this Act.