National Foundation on Physical Fitness and Sports Establishment Act - Establishes the National Foundation on Physical Fitness and Sports as a charitable, nonprofit corporation to promote participation by private organizations in the activities of the President's Council on Physical Fitness and Sports. Subjects any person who uses the Council's or Foundation's official seal or any trademark, trade name, sign, symbol, or insignia falsely representing association with, or authorization by, the Council or Foundation for the purpose of trade, to induce the sale of any goods or services, or to promote any theatrical exhibition, athletic performance, or competition without the Foundation's consent to a civil action for remedies provided in the Trademark Act of 1946. Allows the Foundation, in conjunction with the Council, to authorize contributors and suppliers of goods or services to use such trade name, trademark, seal, symbol, insignia, or emblem in advertising under specified conditions.
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