Congressional Bicentennial Scholarship Act

Congressional Bicentennial Scholarship Act - Stipulates that each member of the Senate and House of Representatives may appoint five citizens from the State or district such member represents. States that no more than three of the five citizens appointed may be of the same political party. Declares that such appointees shall serve without pay as a Congressional Bicentennial Scholarship Board for that State or district.

Authorizes such Board to award one Congressional Bicentennial Scholarship in 1976 to an individual who: (1) is an undergraduate attending or admitted to any institution of higher education which awards a degree of bachelor of arts or bachelor of science; (2) has achieved academic excellence; (3) has indicated serious intent to pursue an approved major source of study; and (4) has indicated a serious intent to serve with the government at the Federal, State or local level for at least one year after graduation.

Directs the Commissioner of Education to establish and make available to each Board guidelines for selection of such individual. Declares that the scholarship will be awarded for the period of full-time study necessary for the completion of the individual's bachelor degree, but in no case more than four academic years. Entitles such recipient to a stipend in an amount determined by the Board, but not to exceed, for any academic year, the cost of tuition, fees, books, room and board.

Requires each Board to notify the Secretary of the Treasury of the name of the recipient, the institution which such student attends or will attend, and the amount of the stipend. Stipulates that each Board shall approve the stipend's renewal annually with specified exceptions.

Directs the Secretary to pay the amount specified by such Boards to the designated institution of higher education on behalf of the scholarship recipient.