A bill to provide for the establishment of the U.S. Academy of Foreign Affairs.

Establishes the United States Academy of Foreign Affairs to provide a trained force for the conduct of foreign affairs. Establishes a Board of Regents to have overall authority for the conduct of the Academy. Provides that the Board of Regents shall consist of the Secretary of State, four officials of departments or agencies of the United States having responsibilities in the field of foreign affairs designated by the President, five persons appointed by the President by and with the advice and consent of the Senate, and the Chancellor of the Academy.

Provides for a Board of Visitors to consist of three Members of the Senate and three Members of the House of Representatives to serve as overseers to the conduct of the Academy and to regularly visit the Academy and to make recommendations pertaining to the Academy.

Provides for the appointment of the Chancellor of the Academy by the President, by and with the advice and consent of the Senate.

Provides that the Chancellor shall have supervision over the Academy.

Directs that the Academy shall consist of a college and a graduate school, and shall award bachelors', masters' and doctors' degrees.

Prescribes that students at the college must be between 20 and 25 years of age, have completed two years of college or served two years in the Peace Corps, be American citizens and agree to work two years for the Federal Government.

Directs the graduate school to provide professional education in foreign affairs to qualified Federal employees, graduates of the College, and citizens of the United States or foreign nations in cases where such acceptance is determined by the President to be in the national interest.