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 the board, including: four members appointed by the President, and seven members appointed by the Librarian of Congress. Directs the Librarian to appoint a Director of the Center.

Authorizes the Center to establish and implement a program of contracts, grants, loans and scholarships to promote and support 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, with specified exceptions.

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 Librarian of Congress, for inclusion in his annual report to the Congress, an annual report of its operations under this Act.

Authorizes to be appropriated to the Center to carry out the provisions of this Act $167,750 for fiscal year 1976, $710,000 for fiscal year 1977, and $1,716,000 for fiscal year 1978.