Exchange for Understanding Act

Exchange for Understanding Act - Establishes the Soviet Union and Eastern Europe Exchange Fund in the Treasury. Authorizes appropriations for the Fund.

Establishes the Soviet Union and Eastern Europe Exchange Commission. Requires the Commission to issue regulations, within 90 days, governing its operation and the use of Commission funds. Provides for Commission membership and for a Commission director and staff. Authorizes the Commission to hold hearings and to use the U.S. mails as do other U.S. agencies.

Directs that interest on obligations held in the Fund be available for payments to the Commission for specified uses. Requires the Commission to use such funds to make grants to support exchanges between the United States and the Soviet Union and the countries of Eastern Europe. Sets forth the projects to which the Commission shall give priority. Grants the Commission the exclusive authority to determine the number and types of exchanges to be supported each year. Directs the Secretary of State to cooperate with the Commission to ensure that the exchanges are coordinated with the countries involved and to ensure that the participants receive appropriate briefings and information. Authorizes specified funds for the Commission's operating expenses.

Requires the Secretary of the Treasury to invest that portion of the Fund not required for current withdrawals in specified U.S. obligations or U.S. guaranteed obligations. Authorizes the Secretary to sell obligations acquired by the Fund and to credit the Fund with any interest on and the proceeds from such sale.

Requires the Commission to submit annual reports, describing the Commission's activities, to the President and to Congress.

Requires the Commission to terminate October 1, 1994. Directs all investments to be liquidated and all remaining funds to be deposited in the Treasury upon termination.