In this seventh and final State of American Education Address, Secretary Richard W. Riley discussed the progress that has been made in education since his first address and challenged schools and communities to renew their commitment toward ensuring that all students achieve their fullest potential in the 21st century. Highlights include: "the right time" to set new expectations for American education; the importance of being optimistic and determined about the future; how public education is changing for the better; raising standards; five guiding principles for implementing standards (have a healthy and ongoing dialogue with parents and teachers; make sure state standards are challenging and realistic; create quality assessments that have a direct connection to the standards; invest wisely to improve teaching and learning; insist on real accountability for results) the importance of early childhood; improving teacher quality; elevating teaching to a year-round profession; a new generation of principals; giving children a "moral compass"; overcoming the achievement gap and the digital divide; higher education in the 21st century; and the transition to college--a critical time. Archived broadcasts of other addresses are described and data charts for a five-year report card on American education are included at the end of the document. Contains a list of Department of Education's FY2000 Major Initiatives and Funding Opportunities. (AEF)