Foreign Language Economic Enhancement Act

Foreign Language Economic Enhancement Act - Title I: Foreign Language Teacher Recruitment - Directs the Secretary of Education to establish a program of grants to State education agencies (SEAs) to recruit and train qualified individuals as elementary and secondary school foreign language teachers. Allots such funds to applicant States on the basis of periodic assessments of need for foreign language teachers in each State. Sets minimum and maximum grant limits. Sets forth application requirements.

Requires SEAs, in selecting qualified individuals for such program from among those with competence in a foreign language consistent with certain standards, to include: (1) retired or returning Government employees who served abroad; (2) retired or returning business persons or professionals who served abroad; (3) foreign-born nationals with a degree from a domestic or overseas institution of higher education; and (4) individuals with a baccalaureate degree whose major or minor was in a foreign language or international studies.

Authorizes appropriations.

Title II: Grants to Institutions of Higher Education for Translators and Interpreters - Requires the Department of State to establish a Translation and Interpretation Needs Assessment Council, to be composed of the following (or their designated representatives): (1) the Secretaries of State, of Education, of Defense, and of Commerce; (2) the Directors of the Central Intelligence Agency, U.S. Information Agency, and National Security Council; and (3) six Presidentially-appointed experts in the fields of translation and interpretation, language and linguistics, international studies, business, and area studies education.

Directs the Council to award institutional grants and individual fellowships for higher education degree or certificate programs in translation and interpretation. Requires determination of institutional and individual qualifications and selection for such awards after the Council has determined the translation and interpretation needs of the Government for purposes of economic competitiveness and cooperation, diplomacy, and national security. Requires higher education institutions or consortia (in conjunction with nonprofit or Federal agencies) to show they are developing such a program, in order to receive such a grant. Requires individual fellowship recipients to be enrolled in such a program and agree to enter government or public service for two years for each year of the fellowship. Sets forth authorized uses of such grants for institutional support and such fellowships.

Authorizes appropriations.

Title III: Lesser Known and Studied Languages - Amends the Soviet-Eastern European Research and Training Act of 1983 to direct the Secretary of State to award institutional grants and individual fellowships for degree or certificate programs for teaching and study of lesser known and studied languages. Requires the Secretary to develop a list of such languages. Sets forth requirements for program development grants to higher education institutions or consortia (in conjunction with nonprofit or Federal agencies), and for individual fellowships for study in such programs.

Authorizes appropriations.

Title IV: Export Education - Directs the Secretary of Commerce to make grants to States to provide education and support services to domestic businesses to increase their basic knowledge of world markets, foreign cultures, and languages, or order to develop and expand into international export markets.

Requires States to submit proposals indicating the qualifications of an appropriate State-based entity to carry out authorized activities under this title. Requires each State receiving such a grant to determine the eligibility of such an entity according to the needs of the State's primary trade and economic development agency and model programs.

Authorizes appropriations.