Volunteers Investing in Peace and Security Act

Volunteers Investing in Peace and Security Act - Directs the Secretaries of Defense and State to jointly carry out a program to provide technical assistance to address the infrastructure needs of East European countries, the Baltic states, and the former Soviet republics. Directs that assistance under the program shall be provided by volunteers who are retired or former members of the armed forces who have been recently released from active duty. Outlines eligibility requirements for the volunteers participating in the program, including the possession of relevant technical skills relating to the infrastructure needs of such areas. Requires such volunteers to have been separated from active duty within two years before the enactment of this Act.

Directs the Secretary of Defense to employ such volunteers by contract to provide services in such areas. Requires a two-year period of volunteer service for each person selected. Requires such Secretary to maintain a registry of qualified applicants.

Directs the Secretary of State to assess the infrastructure needs of all the areas in order to identify the technical skills that could be provided by such volunteers and to identify opportunities for the placement of volunteers with governmental or nongovernmental entities in each participating country. Directs such Secretary to provide volunteers chosen with all appropriate language training, cultural orientation, and other necessary education and training. Authorizes the Secretary to assign a volunteer to the Peace Corps program in such area.

Outlines provisions concerning administration, compensation, and benefits for each volunteer chosen. Limits to 1,000 the number of volunteers participating in the program at any one time. Terminates the selection of such volunteers as of September 30, 1995.