Protecting Education Privacy Act This bill limits the release of students' personally identifiable information contained in education records. The bill includes local educational authorities among the officials designated as authorized representatives of an education agency with access to student records. Authorized representatives must be under the direct control of the agency. The bill prohibits (1) the use of students' personally identifiable information for the development of commercial products or services without the written consent of their parents, and (2) the Department of Education from promulgating or enforcing any regulation that defines early childhood education program or education program for any purpose under the Family Educational Rights and Privacy Act of 1974 on or after this bill's enactment.