National Museum of the American Latino Act (Sec. 4) This bill establishes the National Museum of the American Latino in the Smithsonian Institution. The purposes of the museum are to (1) illuminate Latino contributions to the story of the United States; (2) provide for the collection, study, research, publication, and establishment of exhibitions and programs related to Latino life, art, history, and culture; and (3) provide for collaboration with Smithsonian Institution museums and research centers and other museums and educational institutions in the United States and abroad to promote the study and appreciation of Latino life, art, history, culture, and their impact on society in the United States. (Sec. 5) The bill establishes a Board of Trustees for the museum to advise and assist the Board of Regents of the Smithsonian on all matters related to the administration and preservation of the museum. The Board of Trustees shall ensure that the exhibits and programs of the museum reflect the diversity of the political viewpoints held by Latinos on the events and issues related to Latino history in the United States. (Sec. 6) The Director of the museum shall manage the museum and may carry out educational and liaison programs in support of its goals. (Sec. 7) The Director of the Institute of Museum and Library Services shall establish and carry out specified grant programs and a scholarship program, including a grant program to promote the understanding of the Latin American diaspora in the United States. (Sec. 8) The Board of Regents shall designate a site for the museum and is authorized to design and construct it.