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U.S. Secretary of Education Margaret Spellings today rang The Opening Bell^TM at the New York Stock Exchange while visiting New York City to discuss education and its importance to America's global competitiveness. While at the exchange, Secretary Spellings spoke with business leaders about the Bush administration's investments to improve education and prepare students for the needs of the global marketplace. Spellings highlighted the need for a shared commitment to education, especially in math, science and critical foreign languages.

"One of the most pressing concerns in the business community today is a shortage of skilled, qualified employees," said Secretary Spellings. "The Department of Education is committed to holding schools accountable for giving every student a quality education. Under President Bush's leadership, we are making bold new investments that will help equip our students with the knowledge and skills they need for successful lives."

In his State of the Union Address, President Bush announced the American Competitiveness Initiative (ACI), a government-wide plan to strengthen education, research, and development for the 21st century. The ACI proposes $380 million in new Federal support to improve the quality of math, science, and technological education in K-12 schools and engage every child in rigorous courses that teach important analytical, technical, and problem-solving skills.

Passed as part of the Deficit Reduction Act, the U.S. Department of Education announced Academic Competitiveness and National SMART Grants to encourage students to take more challenging course work in high school, and pursue college majors that are in high demand in the global economy, such as science, math, technology, engineering and critical foreign languages. These grants will provide over $790 million to qualified Pell-eligible students in this school year alone.

Today, Secretary Spellings also announced over $17 million in Advanced Placement Incentive Grants to boost the participation of low-income students in Advanced Placement-International Baccalaureate courses and tests around the country. Under the department's Advanced Placement Incentive Program, grants can be used for teacher training, curriculum development, books, supplies and other activities directly related to expanding participation in AP-IB courses and tests for low-income students.

Secretary Spellings also discussed the Commission on the Future of Higher Education, formed to examine ways to improve the affordability, accessibility and consumer friendliness of higher education in America. Later this month, the Secretary will announce an action plan for making higher education affordable, accessible and consumer friendly for all Americans.

For more information on Academic Competitiveness and National SMART Grants, please visit: http://www.ed.gov/about/inits/ed/competitiveness/ac-smart2.html.
For more information on the role of businesses in education, please visit: http://www.ed.gov/about/inits/ed/competitiveness/business.html.

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