The PREP Act of 2026 is a federal education bill that aims to improve the quality of teachers and school leaders by establishing new grant programs and requirements for teacher preparation programs nationwide. The legislation creates competitive grants for partnerships between schools, school districts, and higher education institutions to develop and enhance teacher and school leader preparation, with emphasis on filling critical shortages in high-need areas like math, science, special education, and English language instruction. Programs funded under the bill must include intensive clinical experiences, year-long residencies with mentor teachers, specialized training for serving diverse student populations, and robust support during teachers' first years in the classroom, with particular recruitment efforts targeting underrepresented populations and rural areas. The bill also increases federal funding for teacher preparation programs at minority-serving institutions, historically Black colleges, tribal colleges, and Hispanic-serving institutions by $10 million annually starting in fiscal year 2027, while requiring all recipients to establish comprehensive accountability measures and publicly report detailed data on program outcomes and teacher retention. Grant recipients must provide matching funds and commit to three-year teaching service requirements in high-need schools, with program performance evaluated based on teacher retention rates, certification pass rates, and effectiveness in hiring qualified educators in shortage areas.