Daylight Saving Time Act - Advances the standard time in each time zone by one hour from 2 a.m. on the second Sunday of March 1976 and 1977 until 2 a.m. on the second Sunday of October 1976 and 1977.

Permits any State that lies entirely within one time zone to exempt itself from such time change if it exempts the entire State therefrom. Permits a State that lies in more than one time zone to exempt the entire State or a part of the State that lies within one time zone.

Directs the Secretary of Transportation to report to the Congress by July 31, 1977, on the operation and effects of this Act, including the effects on energy use and the safety of children traveling to and from school.

Daylight Saving Time Act - Provides that the standard of time of each time zone shall be advanced one hour during the periods commencing at 2 o'clock antemeridian on the first Sunday of March 1976 and 1977, and ending at 2 o'clock antemeridian on the second of November 1976 and 1977. Exempts from such action any State with parts thereof in more than one time zone, and any State that lies entirely within one time zone and is not contiguous to any other State.

Directs the Secretary of Transportation to submit a report to the Congress on the operation and effects of this Act before July 31, 1977. Provides that the report shall give particular attention to such effects on the use of energy in the United States, traffic safety, and the effect on school hours. Specifies that the report shall include any recommendations of the Secretary with respect to time zone limits.

Requires the Federal Communications Commission to make such adjustment, with respect to hours of operation of daytime standard amplitude modulation broadcast stations, as may be consistent with the public interest. Provides that such action may include variances with respect to operating power and other technical operating characteristics.