A bill to provide for a Samantha Smith Memorial Exchange and Scholarship Program to promote youth exchanges between the United States and the Soviet Union, and for other purposes.

Amends the Mutual Educational and Cultural Exchange Act of 1961 to authorize the President to provide for educational exchanges, visits, and interchanges between U.S. and Soviet youths under 21.

Authorizes the President to award a scholarship for study in the Soviet Union in a program approved by a U.S. institution of higher education to any exceptional student who maintains a satisfactory proficiency in such student's studies and who: (1) is under 25; and (2) is enrolled in that institution.

Provides that such exchanges and scholarships shall be known as the Samantha Smith Memorial Exchange and Scholarship Program. Earmarks specified funds for FY 1986 and 1987 to carry out this Act.