The authors of this report, education researchers and reformers, value both the promise and possibilities of the No Child Left Behind Act (NCLB), with its mandate that states ensure a "highly qualified" teacher for every child in every core academic class. Reports by the Education Trust, the Center for Education Policy, and the Center for Teaching Quality have revealed how the "highly qualified" teacher mandates have sparked new efforts to attract teachers into the profession and support them after they enter. However, these organizations have revealed serious shortcomings with both the federal definition of what it means to be a "highly qualified" teacher as well as the resources and technical "know-how" available to school districts in their efforts to close the teaching quality gaps. This report examines the need for a "National Teacher Quality and Supply Policy" and makes recommendations in the areas of (1) increasing quality and supply; (2) improving teacher retention; and (3) facilitating a national labor market for teachers. (Contains 14 notes.) [This report was written with Eric Hirsch, Sharon Robinson, and Arthur Wise. It was produced by the Center for Teaching Quality, formerly known as the Southeast Center for Teaching Quality.]