Youth Employment Act - Establishes a Youth Employment Commission to carry out a program to provide career opportunities for economically disadvantaged youth between the ages of 18 and 24 by selecting and developing energy conservation and energy development projects through agreements with Federal executive agencies, States, local governments, and nonprofit corporations. Authorizes appropriations to carry out such program through fiscal year 1985. Directs the Commission to report annually to the President and to Congress. Sets forth eligibility standards for participants and projects. Directs the Commission to develop objective criteria for the selection of projects consistent with such standards. Sets forth provisions relating to administrative agreements to provide financial assistance to specified entities. Directs the Secretary of Labor to prepare and issue regulations on such matters. Authorizes the Commission to develop and conduct jointly with the Secretary of Transportation, the Secretary of Energy, and the Director of the Community Services Administration specified projects for which five to ten percent of appropriations for such program are reserved. Sets forth provisions concerning: (1) special conditions which projects must meet; (2) payments to recipients having agreements; and (3) records, audits, reports, and evaluations.