National Lottery Act

[AI summary unavailable — showing source text] National Lottery Act - Directs the President to appoint, by and with the advice and consent of the Senate, a Lottery Commissioner, who shall establish and operate a national lottery. Requires the Lottery Commissioner to: (1) deposit receipts from the sale of national lottery tickets into the general fund of the Treasury; (2) report to the Congress every six months; and (3) issue regulations and begin operation of the national lottery as soon as practicable. Sets forth requirements for the Lottery Commissioner to issue licenses to persons to operate as national lottery sales agents. Sets forth penalties for the illegal sale of lottery tickets and for the alteration of any lottery ticket. Establishes the National Lottery Trust Fund for expenditures of: (1) establishing and operating the national lottery; (2) paying prizes; (3) conducting a national achievement test for high school seniors; (4) conducting a national achievement test for students in first grade through twelfth grade; (5) college scholarship payments and merit pay for bonuses for teachers; and (6) reducing the principal on the Federal debt. Requires the publication in the Congressional Record of information with respect…