National Endowment for the Oceans Act

National Endowment for the Oceans Act - Authorizes the Secretary of Commerce and the National Fish and Wildlife Foundation to establish the National Endowment for the Oceans as a permanent endowment fund to support programs and activities to restore, protect, maintain, or understand living marine resources and their habitats and ocean, coastal, and Great Lakes resources, including baseline scientific research, ocean observing, and other programs in coordination with federal and state agencies.

Requires the contribution of non-federal matching funds for certain projects.

Specifies that programs funded in Great Lakes states shall also seek to attain the goals embodied in the Great Lakes Restoration Initiative Plan, the Great Lakes Regional Collaboration Strategy, the Great Lakes Water Quality Agreement, or other collaborative planning efforts of the Great Lakes Region. Prohibits the funding of litigation.

Directs the Foundation, according to a specified allocation formula, to award a minimum percentage of funds as grants to coastal states while awarding a lesser percentage of funds to entities including states, Indian tribes, regional bodies, associations, non-governmental organizations, and academic institutions.

Sets forth a process for the Foundation, with approval of the Secretary, to establish application guidelines, eligibility criteria, and grant approval procedures.

Requires coastal states, as a condition to grant eligibility, to submit a five-year plan (updated at least every five years to continue receiving a grant) to the Secretary for approval after the Secretary has provided an opportunity for public comment. Directs the Foundation to establish an advisory panel to review and make recommendations with respect to the grant applications of other entities.