Peace Corps Reform Act

Peace Corps Reform Act - Amends the Peace Corps Act to set forth the purposes of the Peace Corps. Creates the Peace Corps Foundation as a government corporation to carry out the purposes of the Peace Corps Act, to terminate on September 30, 1987. Establishes an Advisory Council within the Foundation to evaluate the policies of such Foundation and to advise its Board of Directors.

Directs the Foundation to establish procedures to coordinate the programs of other volunteer and development organizations, public, private, and international.

Increases the compensation of Peace Corps volunteers. Prohibits assignment of such volunteers to the clerical staffs of Peace Corps representatives abroad. Limits the period of service of a volunteer. Directs the Foundation to establish an organization for former volunteers to assist in the readjustment of volunteers returning to the United States.

Permits the spouses of volunteers to receive subsistence benefits. Eliminates the position of "volunteer leader" from the Peace Corps. Exempts certain Peace Corps personnel from civil service requirements. Permits the President to assign Foreign Service and other government personnel to the Peace Corps only upon request of the Foundation. Repeals the President's authority to prescribe performance standards for personnel of the Peace Corps.

Amends the Peace Corps Act with respect to volunteer training, participation of foreign nationals, assignment of volunteers to international organizations, compensation of experts and consultants, utilization of funds, foreign language proficiency, and encouragement and final support of voluntary service programs. Prohibits investigation of any employee of the Foundation to insure that employment or assignment of such person is in the national interest, except at the request of the volunteer.

Amends the Domestic Volunteer Service Act of 1973 to eliminate one of the two Associate Directors of ACTION.

Transfers the assets and liabilities of the Peace Corp to the Foundation. Authorizes the appropriation of $300,000,000 for fiscal years 1978, 1979, and 1980 collectively.