American Folklife Preservation Act

American Folklife Preservation Act - Creates an American Folklife Center in the Library of Congress. Provides that the center shall be subject to the supervision and direction of a board of trustees. Specifies the composition of such board, including four members appointed by the President, eight members appointed by the Librarian of Congress, the Librarian of Congress, and the Director of the Center.

Authorizes the Center to establish and implement a program of contracts, grants, and scholarships to preserve, protect, revitalize and disseminate American folklife traditions and arts. Provides that no payment shall be made pursuant to this Act to carry out any research or training over a period in excess of two years.

States that such research or training may be extended to a period not to exceed five years with the concurrance of at least two-thirds of the members of the board. Provides that no former employee of the Federal government shall be eligible to receive any grant or other assistance under this Act in the two-year period following the termination of such employment.

Requires the Center to submit to the Library of Congress, an annual report of its operations under this Act. Authorizes such sums as may be necessary to carry out this Act.