To amend, for certain fiscal years, the weighted child count used to determine targeted grant amounts and education finance incentive grant amounts for local educational agencies under title I of the Elementary and Secondary Education Act of 1965.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``All Children are Equal Act'' or the ``ACE Act''.
SEC. 2. FINDINGS.
Section 1125AA of the Elementary and Secondary Education Act of 1965 (20 U.S.C. 6336) is amended-- (1) by amending the heading to read as follows:
``SEC. 1125AA. INCREASE GRANTS PER FORMULA STUDENT AS THE PERCENTAGE OF ECONOMICALLY DISADVANTAGED CHILDREN IN A LOCAL EDUCATIONAL AGENCY INCREASES.'';
and (2) by amending subsection (a) to read as follows: ``(a) Findings.--Congress makes the following findings: ``(1) The current Basic Grant Formula for the distribution of funds under this part does not adequately target funds for schools with the highest concentrations of economically disadvantaged students. ``(2) The poverty of a child's family is much more likely to be associated with educational disadvantage if the family lives in an area with high proportions of poor families. ``(3) The current formulas for distributing Targeted and Education Finance Incentive Grants is intended to allocate more funds per formula student to local educational agencies with higher concentrations of such students. ``(4) These formula use two weighting systems, one based on the percentage of the aged 5-17 population in a...