Freedom Exchange Act

Freedom Exchange Act - Title I: Educational Exchange Program - Requires the Director of the U.S. Information Agency (the Director) to carry out an educational exchange program with the independent states of the former Soviet Union and the Baltic States by awarding grants to eligible organizations for: (1) specified types of exchanges of secondary school, college, and graduate students; (2) paired-university visits and interchanges of professors and educators; and (3) a program of internship for nationals of such foreign states in small businesses in the United States. Authorizes appropriations.

Requires such grants program to be carried out: (1) in FY 1993 by the Director; and (2) in FY 1994 through 1997 by the Educational Exchange Endowment, a private, nonprofit corporation (to be established). Requires such grants to be awarded on a competitive basis to private nonprofit organizations which have experience in exchange programs and demonstrate a capacity to carry out such programs in the independent states of the former Soviet Union or in the Baltic States. Sets forth administrative requirements for the Educational Exchange Endowment.

Title II: Immigration of Highly Skilled Nationals of the Former Soviet Union and the Baltic States - Authorizes the special admission into the United States of up to 20,000 scientists or engineers of the former Soviet Union or Baltic States who have expertise in weapons of mass destruction as employment-based immigrants under the Immigration and Nationality Act. (Waives the U.S. job offer requirement and classifies such aliens as having exceptional ability.) Terminates this program five years after enactment of this title.