Straight A's Act

Allows States to opt to enter into such a performance agreement with the Secretary of Education, under which provisions of law relating to specified eligible programs shall not apply to the State, with certain exceptions. Requires such States to provide parents, teachers, and local schools notice and opportunity to comment on any such proposed performance agreement before submission to the Secretary. Includes under the terms of such agreements requirements relating to: (1) use of such funds to improve student achievement; (2) an accountability system; (3) performance goals and measures, and student academic achievement data; (4) fiscal responsibilities; (5) civil rights; (6) private school student and staff participation; (7) State financial participation; and (8) annual reports.

Lists such eligible programs, under various provisions of the Elementary and Secondary Education Act of 1965, the Department of Education Appropriations Act of 1999, the School-to-Work Opportunities Act, the Goals 2000: Educate America Act, the Carl D. Perkins Vocational and Technical Education Act of 1998, the Stewart B. McKinney Homeless Assistance Act, and the Department of Education Appropriations Act, 2001.

Sets forth requirements relating to: (1) within-State distribution of funds; (2) local participation; (3) limitations on State and local educational agency administrative expenditures; (4) performance review and penalties; (5) renewal of performance agreements; (6) achievement gap reduction rewards; and (7) availability of annual State reports to specified congressional committees.