Protecting Undergraduates with Board Limitations from Influence and Conflicts Act or the PUBLIC Act This bill revises provisions related to the recognition of an accrediting agency or association to preclude potential conflicts of interest. Specifically, if an accrediting agency or association has a voluntary membership of institutions of higher education (IHE) and has as its primary purpose the accrediting of IHEs, it must be separate and independent of certain trade associations, membership organizations, and IHEs. To be separate and independent, members of the accrediting agency or association may not be (1) chosen by the board or chief executive of any related trade association or membership organization, or (2) individuals who exercise substantial control over specified IHEs. Further, there must be at least one public member for every three members of the board of the accrediting agency or association. Dues paid to the accrediting agency or association must be paid separately from any dues paid to a related trade association or membership organization, and the budget of the accrediting agency must be developed and determined without consulting any other entity or organization.