National Economic Council Act - Establishes the National Economic Council within the Executive Office of the President to advise the President about integration of domestic and international policies relating to the economy and international competitiveness in order to enable the Federal Government to operate more effectively in matters involving U.S. ability to compete in the global economy. Lists specific Council functions, which include: (1) formulating and coordinating an economic strategy which will provide the economic environment necessary for the United States to be on a competitive basis with other nations; and (2) defining a set of guidelines for Government interaction with the market.