Race to the Top (R2T, RTTT or RTT)[1] was a $4.35 billion United States Department of Education competitive grant created to spur and reward innovation and reforms in state and local district K–12 education. Funded as part of the American Recovery and Reinvestment Act of 2009, it was announced by President Barack Obama and Secretary of Education Arne Duncan on July 24, 2009. States competing for the grants were awarded points for enacting certain educational policies, instituting performance-based evaluations for teachers and principals based on multiple measures of educator effectiveness (tied to targeted professional development and feedback), adopting common standards (though adoption of the Common Core state standards was not required), adopting policies that did not prohibit (or effectively prohibit) the expansion of high-quality charter schools, turning around the lowest-performing schools, and building and using data systems.[2]