The No Wasted Space Act establishes a nine-member commission to study potential uses for the Smithsonian Institution's Arts and Industries Building on the National Mall in Washington, DC. The commission, composed of members appointed by congressional leaders and the Smithsonian Board of Regents, will examine educational institutions, museums, and cultural organizations that could potentially occupy the space, and will assess the costs of converting the building into a modern museum. Within one year of its first meeting, the commission must submit a detailed report to the President and Congress that includes a fundraising plan to support the building's operations without relying on federal appropriations and legislative recommendations regarding renovation timelines, appropriations levels, and a potential new name for the building. Commission members will serve without pay but receive travel reimbursement, and the commission will be responsible for funding its own operations through donations and contributions. The commission will dissolve 30 days after submitting its final recommendations.