On January 8, 2002, President George W. Bush signed into law the revised Elementary and Secondary Education Act (ESEA). It sets deadlines for states to expand the scope and frequency of student testing, revamp their accountability systems, and guarantee that every classroom is staffed by a teacher qualified to teach in his or her subject area. It will also provide nearly $1 billion over the next 5 years to help states and districts strengthen K-3 reading programs, plus increased federal support for before- and after-school programs, school libraries, and many other programs. This report provides a summary of the major provisions and requirements of the new law, information about timelines and funding levels, an updated look at states' readiness to implement various provisions of the new law, and a set of "self-assessment" questions for policymakers to consider as they make decisions about how to move forward. Nine appendices describe the alignment of Title I and general state accountability systems for 1999-2000, examples of state approaches to comprehensive data systems, resources for adequate yearly progress, a description of corrective actions for low-performing schools, teacher preparation/certification, appropriations to states and territories, and a list of publications by the Education Commission of the States. (RT)