A bill to amend the Higher Education Act of 1965 to create a program supporting midcareer teacher training programs for individuals with expertise in mathematics and science, and for other purposes.

Amends title V (Teacher Corps and Teacher Training Programs) of the Higher Education Act of 1965 to add a new part G, a Midcareer Teacher Training program of grants to institutions of higher education with schools of departments of education.

Provides such grants to establish teacher training programs for individuals moving into an education career from another occupation in which they developed expertise in mathematics or science, or both.

Directs the Secretary of Education to make such grants on a competitive basis. Provides that recipient institutions shall be awarded: (1) an initial planning grant for use during the first two fiscal years after selection; and (2) if successful, a renewal grant for up to two additional years.

Requires applicants to demonstrate certain design and administrative aspects of their program.

Requires that such applications be reviewed by a panel of experts in teacher training designated by the Secretary. Directs the Secretary, to the extent of available funds, to select at least one applicant from each of the ten regions served by the Department of Education.

Limits the amount to an institution to: (1) $100,000 for the initial planning grant; and (2) $50,000 per year for the renewal grant.

Requires each institution receiving such a grant to submit reports and other information on the program to the Secretary. Directs the Secretary to disseminate such information to other institutions of higher education to promote greater use of midcareer teacher training programs without direct Federal assistance.

Authorizes appropriations for FY 1987 through 1990.