In this article, the authors utilize core ideas from Critical Race Theory (CRT) to examine the nature of education reform in two river cities. Similar to other cases of education reform in urban districts, the reforms in the two focal cities reflect at least four characteristics in common: (1) a form of portfolio management; (2) the growth of human-capital organizations; (2) the active involvement of philanthropic organizations; and (4) the role of politics. The authors consider these conditions in light of concepts from CRT and argue that this analysis provides insight into the burden of reform in urban schools.