While I don't understand all the ins and outs of this law, I do think teachers should be required by some authority to continue their educations. Almost all other professionals are required by law to do so.
However, I think this is a bad law because I think the Federal Government needs to absolutely, wholly, and immediately BUTT OUT!! Education is but one of dozens of areas where the Feds have unconstitutionally taken over the management of said area.
No vouchers. No red tape. Let the states decide or privatize them all.