School Freedom Act of 2026

(a) One-Time report. Not later than 18 months after the date of enactment of this Act, the Comptroller General of the United States shall submit a report to Congress that contains the following information:

(1) A review of the wind-down and termination of covered Federal education programs by the Secretary of Education.

(2) The reallocation of unobligated amounts originally appropriated for covered Federal education programs to carry out the School Freedom Account program under section 3, as required by section 2(d).

(3) A summary of the regulations established by the Secretary of the Treasury under section 3(e)(1).

(b) Annual report. Not later than 1 year after the date of enactment of this Act, and annually thereafter, the Comptroller General of the United States shall submit a report to Congress that contains the following information:

(1) The most recent annual data collected pursuant to section 6.

(2) An assessment of whether any additional uses of funds for a School Freedom Account or Higher Education and Skills Obtainment Fund could benefit the education of eligible individuals.

(3) An analysis of how the Secretary of the Treasury is tracking Federal funds deposited into School Freedom Accounts.

(4) Based on the most recent data available at the time such report is submitted, and to the extent such data is available—

(A) the annual number of students who expended funds from a School Freedom Account to—

(i) attend a private school;

(ii) attend a public charter school;

(iii) attend a homeschool; or

(iv) attend educational classes outside the home, including as part of a micro school or learning pod;

(B) the aggregate annual amount of funds expended by parents from School Freedom Accounts for a purpose other than an eligible uses under section 3(f)(1);

(C) the aggregate amount of funds in School Freedom Accounts that rolled over to the subsequent school year;

(D) the number of School Freedom Accounts that converted to Higher Education and Skills Obtainment Funds and the aggregate amount in accounts that converted;

(E) the aggregate number of eligible individual who expend amounts from a Higher Education and Skills Obtainment Fund to pay costs associated with attendance of an institution of higher education or towards career and technical education; and

(F) the aggregate annual amount of funds from Higher Education and Skills Obtainment Funds that were returned to the Treasury.

(5) Any other information the Comptroller General determines important to assessing and improving the implementation or administration of the School Freedom Account program or the Higher Education and Skills Obtainment Fund program.