This document contains proceedings of hearings which examined the need for school finance reform, with a focus on the adequacy of educational finance in the United States and its effect on the quality of education. They also explored whether or not there should be a federal role in educational finance, and if so, what that role should be, and what the expectations should entail. This document contains testimonies and prepared statements made by Senators, education and economics professors, educators, administrators, policy analysts, a Congressman, an attorney, the governor of Colorado, and the mayor of Baltimore. (LMI)