A bill to amend the United States Institute of Peace Act to honor the memory of the late Spark M. Matsunaga, United States Senator from the State of Hawaii, and for other purposes.

Amends the United States Institute of Peace Act (the Act) to authorize the U.S. Institute of Peace, through its Board of Directors, to award an annual Spark M. Matsunaga Medal of Peace and a cash award to a person or persons who have contributed in extraordinary ways to peace among the nations and peoples of the world, giving special attention to contributions advancing society's knowledge and skill in peacemaking and conflict management. Directs the Board to establish an advisory panel to advise in selection of award recipients. Requires the Institute to report to specified congressional committees on selection procedures.

Authorizes the Institute, acting through the Board, to establish the Spark M. Matsunaga Scholars Program, which shall include the provision of scholarships and educational programs in international peace and conflict management and related fields for outstanding high school students, as well as scholarships to outstanding undergraduate students.

Revises provisions relating to private gifts and contributions.

Increases the amount authorized to be appropriated for each fiscal year.

Directs the Secretary of Education to make a grant to the Spark M. Matsunaga Peace Foundation for scholarships, grants, and endowed professorships to individuals and organizations pursuing peace studies and the application of conflict resolution techniques. Authorizes appropriations. Allows such Foundation to retain interest on such grant.