Economically Strategic Industrial Research and Development Act

Economically Strategic Industrial Research and Development Act - Requires the Director of the Office of Science and Technology Policy to enter into an agreement with both the National Academy of Sciences and the National Academy of Engineering to conduct a study which identifies economically strategic technologies and plans for their optimal development.

Directs the Academies to: (1) solicit views of private industry and examine evidence of current industrial initiatives; (2) assess the economic benefit to be gained from each technology; (3) assess government efforts in technological development; (4) summarize existing and projected levels of research and development activity by private industry for each technology; (5) determine current levels of research and development by foreign nations and their competitive strategies; and (6) consider the potential and feasibility of U.S. industry developing a competitive posture in each technology.

Directs the Academy to develop a technology development program for each technology designated as economically strategic and to establish an advisory committee to make recommendations for each such program. Sets forth the desired recommendations, including: (1) participants for each program; (2) program responsibilities; (3) levels of effort and financial commitment for each program and participant; and (4) a timetable.

Requires a committee set up under the agreement to make interim and annual reports to the President and the appropriate congressional committees on each program and to make a final report within three years.

Authorizes appropriations.