National Bureau of Standards and Industrial Competitiveness Act of 1986

National Bureau of Standards and Industrial Competitiveness Act of 1986 - Renames the Bureau of Standards as the National Bureau of Standards and Industrial Competitiveness (the Bureau).

Establishes an Industrial Competitiveness Division (the Division) within the Bureau. Provides that the Division shall be headed (subject to specified requirements relating to an Industrial Competitiveness Board) by a Deputy Director for Industrial Competitiveness who shall be appointed by the President, by and with the advice and consent of the Senate. Directs the President to afford the Industrial Competitiveness Board an opportunity to make recommendations with respect to such appointment.

Sets forth the industrial competitiveness functions of the Bureau.

Establishes an Industrial Competitiveness Board (the Board) within the Bureau. Directs the Board to exercise general supervision and policy control of the Division. Directs the Secretary of Commerce (the Secretary) to appoint as Board members three from the Federal Government and five from the private sector representing manufacturing, high technology, and basic materials interests. Authorizes the Board to establish special commissions. Directs the Secretary to formulate the programs and budgets of the Division in consultation with the Board.

Requires the Deputy Director to submit an annual report to the Director of the Bureau (the Director), the Secretary, and the Congress, detailing activities of the Division.

Establishes in the Treasury the Standards and Industrial Competitiveness Fund. Makes the Fund available to the Director, in accordance with appropriations Acts but without fiscal year limitation, for use as a revolving fund to carry out the industrial competitiveness functions of the Bureau. Outlines sources of deposits to the Fund. Authorizes appropriations to the Fund for the eight fiscal years beginning after enactment of this Act.