Teacher Exchange Act of 2010 - Authorizes the Secretary of Education to make grants to local educational agencies (LEAs) and high-need LEAs for teacher exchanges.
Requires each grantee to: (1) send teachers to a receiving LEA in a different area; (2) provide participating teachers with professional development activities, travel reimbursement, housing, and a living stipend that is added to their regular salary; and (3) reimburse the receiving LEA for supplies and other incidental items purchased for use by participating teachers.
Requires teachers who participate in an exchange to have had at least three years of teaching experience and agree to serve the receiving LEA for one school year and their own LEA for the two-year period following their participation in the exchange.