A bill to amend title 38, United States Code, to establish a Veterans' Administration Readjustment Counseling Professional Fellowship Program.

Amends Federal veterans' benefits provisions to establish the Veterans' Administration Readjustment Counseling Professional Fellowship Program (the Program) to assist in providing an adequate supply of trained professionals to furnish readjustment counseling services to veterans for the Veterans Administration (VA). Requires an individual, in order to be eligible to participate in the Program, to be: (1) a Vietnam-era veteran; and (2) accepted in an accredited educational program which leads to a degree in a field appropriate to the furnishing of readjustment counseling services. Requires a written contract between the Administrator of Veterans Affairs and any veteran participating in the Program. Requires any veterans participating in the Program to also be full-time employees of the VA: (1) on the date on which their application for such Program is submitted; and (2) on the date on which they become participants in the Program. Authorizes the Administrator to award a scholarship to each veteran accepted into the Program. Limits to 100 the number of scholarships awarded under the Program. Requires the Administrator, in accepting applicants into the Program, to give priority to members of groups determined to be disadvantaged minority groups.

Requires the Administrator to include in the annual report submitted to the Congress a report on the Program.