For too many graduates, the American high school diploma signifies only a broken promise. While students and their parents may still believe that the diploma reflects adequate preparation for the intellectual demands of college or work, employers and postsecondary institutions know that it often serves as little more than a certificate of attendance. What will it take to restore value to the American high school diploma? First, state policymakers need to anchor high school graduation requirements and assessments to the standards of the real world: the knowledge and skills that colleges and employers actually expect if young people are to succeed in their institutions. In return, colleges and employers need to start honoring and rewarding student achievement on state standards-based assessments by using these performance data in their admissions, placement and hiring decisions. This executive summary highlights recommendations detailed in the full report for states and and postsecondary institutions, the federal government, and business leaders. [For the full report, see ED494733.]