ED to Release Details on "Race to the Top" Fund

Washington, June 15 — The U.S. Department of Education (ED) announced today that it would release a proposed rule with details of its long-awaited, $4.35 billion "Race to the Top" fund in late July.

The fund is designed to foster innovation and reform in the nation's schools. It is the largest single portion of the stimulus devoted to education reform and a centerpiece of the agenda of new ED Secretary Arne Duncan.

Applications for the first phase of the competition are due in December and the winners will be announced in March. Applications for the second phase are due in June 2010, with winners announced the following September.