In keeping with the theme of the 40th anniversary issue of "EJTE," this article looks back and forward at US teacher education accountability. It argues that "holding teacher education accountable" has been the major approach to reforming teacher education in the US for the last two decades, assuming that enhanced teacher education quality depends on vigilant public evaluation and monitoring of outcomes related to teacher education institutions, programs, and teacher candidates. This article looks back at the "era of accountability" by examining five policy, political, and professional developments that contributed to its emergence and strong hold on US teacher education. Looking forward to the future of teacher education accountability in the US, the article argues that we need a new approach--democratic accountability in teacher education--which is based on intelligent professional responsibility for students' learning including democratic knowledge and skills, strong equity, and genuine collaboration with multiple stakeholders.