President's Council on Health Promotion and Disease Prevention Act of 1986 - Establishes the President's Council on Health Promotion and Disease Prevention. Includes among the Council's responsibilities an assessment of available but under-used health promotion and disease prevention resources. Directs the Council to advise the President on how such resources can be better utilized. Requires the Council to prepare and transmit a report to the President and to the Congress within 18 months. Terminates the Council within 18 months after enactment of this Act.