The reauthorization of the "Elementary and Secondary Education Act" ("ESEA") as amended by the "No Child Left Behind Act of 2001" ("NCLB") relied on two notable policy instruments to improve education: accountability and flexibility. "NCLB" complements accountability with several new flexibility provisions. It exchanges greater accountability for results with greater levels of flexibility in how states and school districts can use federal education funds. The intent is to reduce federal red tape and put greater decision-making powers at the local and state levels for educators most in touch with students' needs. This study examines three of six flexibility programs--Transferability, REAP Flex, and the Local Flexibility Demonstration Program (Local Flex)--through nationally representative surveys and case studies of districts. This Executive Summary provides a brief overview of the three programs and then summarizes and compares the key results across the three flexibility programs. Volumes II, III, and IV of this report provide more detailed information on each of these flexibility programs. (Contains 2 exhibits.) [This document was prepared for the US Department of Education, Office of Planning, Evaluation and Policy Development, Policy and Program Studies Services by the Urban Institute.]