Should High Schools and Colleges concede extra credits and / or reward students who master foreign languages along with English?

"[...] We need more people that are bilingual and multilingual to move us ahead in the global economy." (State Representative Kim Norton)
Junior David Jiang testified before the House Education Policy Committee in support of a bill he helped craft with state Rep. Kim Norton, DFL-Rochester. That legislation would give school districts and charter schools the option of awarding bilingual and multilingual seals to high school graduates who can demonstrate proficiency in both English and other languages. These seals would be placed on students' transcripts and diplomas. (link to the article by Elizabeth Nida Obert).