With the 2014 publication of the 5th revision of the "Standards for Educational and Psychological Testing," the cochairs of the Joint Committee for the revision process were asked to consider the role and importance of the "Standards" for the educational testing community, and in particular for members of the National Council on Measurement in Education. This article begins with an overview of the process used to create the 2014 revision of the "Standards" and a discussion of challenges faced by the Joint Committee in the revision process. The next section summarizes the major changes in the revised Standards. The final section considers uses of the revised "Standards" and is intended to stimulate discussion and debate on the role and importance of these revised "Standards" for the educational measurement community.