SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Preparing Excellent Teachers Act of 
2006''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) The shortage of qualified teachers in the United States 
        has reached critical levels.
            (2) Education experts predict that over the next decade, 
        the United States will need more than 2 million new teachers.
            (3) In urban districts, nearly 50 percent of new teachers 
        leave teaching during their first five years.
            (4) These numbers have a direct impact on the quality of 
        the education of the children of the United States.

SEC. 3. GRANTS FOR TEACHER MENTORING PROGRAMS.

    (a) Authority to Make Grants.--The Secretary of Education may make 
grants in accordance with subsections (d) and (e) to States and local 
educational agencies to assist such States and agencies, in cooperation 
with universities and colleges in accordance with subsection (b), to 
establish and support teacher mentoring programs in schools for the 
purpose of attracting and training teachers of exceptional ability who 
are mid-career professionals or recent college graduates.
    (b) Eligibility to Participate in Program.--To be eligible to 
participate in a teacher mentoring program under this section, a mid-
career professional or recent college graduate shall be enrolled in a 
masters degree program in education or teaching in a university or 
college that--
            (1) has entered into a written agreement relating to such 
        program with the State or local educational agency that is the 
        recipient of a grant under this section;
            (2) is located in such State or local educational agency; 
        and
            (3) is accredited by the Council of Higher Education 
        Accreditation and the accrediting agency in the State, if any.
    (c) Practical Experience.--
            (1) In general.--A mid-career professional or recent 
        college graduate who participates in a teacher mentoring 
        program shall, under the supervision of an experienced mentor 
        teacher, complete not fewer than ten months teaching a class 
        containing not more than 30 students and not fewer than 10 
        students in a school chosen by the State or local educational 
        agency that is the recipient of a grant under this section.
            (2) Experienced mentor teacher defined.--In this 
        subsection, the term ``experienced mentor teacher'' means a 
        teacher who--
                    (A) has at least five years teaching experience 
                teaching in a school in the State or local educational 
                agency that is the recipient of a grant under this 
                section; and
                    (B) has a masters degree in education or teaching.
    (d) Teacher Certification.--As a condition of receiving a grant 
under this section, a university or college shall award to a mid-career 
professional or recent college graduate who successfully completes a 
teacher mentoring program a teacher certification that is valid in the 
State or local educational agency in which such university or college 
is located.
    (e) Amount, Number, and Distribution of Grants.--
            (1) Amount.--A grant under this section shall be in an 
        amount that is 50 percent of the cost of establishing and 
        supporting a teacher mentoring program in a State or local 
        educational agency, but such grant may not exceed $2,500,000.
            (2) Number.--The Secretary may not make more than ten such 
        grants each fiscal year, beginning with fiscal year 2007.
            (3) Distribution.--A State or local educational agency may 
        receive not more than two grants each fiscal year.
    (f) Duration of Program.--A teacher mentoring program under this 
section shall be for a period of one academic year.
    (g) Agreement With Teachers for Placement in a School.--A mid-
career professional or recent college graduate who successfully 
completes a teacher mentoring program under this section shall agree in 
writing to placement as a teacher in a school chosen by the State or 
local educational agency. Such placement shall be for a period of five 
academic years beginning with the academic year that begins after the 
successful completion by such professional or graduate in the teacher 
mentoring program.
    (h) Application.--To receive a grant under this section, a State or 
local educational agency shall submit to the Secretary an application 
at such time, in such manner, and containing such information as the 
Secretary may prescribe.
    (i) Competitive Basis for Selection.--The Secretary shall award 
grants to States and local educational agencies on a competitive basis.
    (j) Authorization of Appropriations.--There are authorized to be 
appropriated to the Secretary $25,000,000 for each of fiscal years 2007 
through 2011 to carry out this section. Amounts appropriated are 
authorized to remain available until expended, and may be used by the 
Secretary to make additional grants, in accordance with this section, 
in a fiscal year beginning with fiscal year 2012.
Preparing Excellent Teachers Act of 2006 - Authorizes the Secretary of Education to make grants to states and local educational agencies to establish and support teacher mentoring programs to attract and train teachers of exceptional ability who are mid-career professionals or recent college graduates. Places limits on the amount, number, and distribution of such grants.
To direct the Secretary of Education to make grants to States and local educational agencies to establish teacher mentoring programs.