To abolish the Department of Education and to provide funding directly to States for elementary and secondary education, and for other purposes.

This bill abolishes the Department of Education and terminates any applicable program for which it has administrative responsibility, except for the Federal Pell Grant Program and the Federal Direct Loan Program. The bill transfers administrative responsibility for these programs to the Department of the Treasury.

The bill also directs Treasury to make allocations to states to support elementary and secondary education.