A bill to terminate Federal involvement in education.

Abolishes the Department of Education. Cancels all regulations, contracts, licenses and privileges made with the Department before the effective date of this Act.

Requires the Director of the Office of Management and Budget to conclude the outstanding affairs of the Department.

Provides that unexpended funds related to the Department shall be available to the Director to conclude such affairs until the end of the third fiscal year after the fiscal year in which this Act is enacted; after which, such funds shall be returned to the general fund of the Treasury.