Leadership Institute for Transatlantic Engagement Act or the LITE Act This bill establishes the Leadership Institute for Transatlantic Engagement to develop a diverse community of transatlantic leaders who are committed to democratic institutions. The institute shall award grants and develop programs, activities, and services that it considers appropriate for entities and individuals in the United States and abroad to (1) provide training and professional development opportunities for diverse leaders on democratic governance and international affairs, (2) enable international exchanges between leaders to increase understanding and knowledge of democratic models of governance, and (3) increase awareness of the importance of international public service careers in diverse communities.