Public Education Reinvestment, Reinvention, and Responsibility Act (Three R's)

Public Education Reinvestment, Reinvention, and Responsibility Act (Three R's) - Amends the Elementary and Secondary Education Act of 1965 (ESEA) to revise, and reauthorize appropriations for, certain ESEA programs.

Sets forth national educational priorities, including: (1) performance-based funding; (2) State and local flexibility in using funds to achieve high student performance objectives; and (3) concentration of funding on impoverished areas, and on a small number of goals, including compensatory education for disadvantaged children and youth, teacher quality and professional development, programs for limited English proficient students, public school choice programs, innovative educational programs, student safety, and the incorporation of educational technology. Revises and renames ESEA title I as Student Performance programs, including: (1) the basic program for assistance to local educational agencies (LEAs) to help disadvantaged schoolchildren to achieve high standards; (2) Even Start family literacy programs; (3) education of migratory children; and (3) programs for neglected or delinquent youth, including those at-risk of dropping out. Reauthorizes appropriations for a rural education achievement program (currently under title X).

Revises and renames ESEA title II as Teacher and Principal Quality, Professional Development, and Class Size, and sets forth related programs.

Revises and renames ESEA title III as Language Minority Students and Indian, Native Hawaiian, and Alaska Native Education, and sets forth related programs, as well as the emergency immigrant education program. Eliminates: (1) the current title III, Technology for Education, including programs for technology for education of all students, Star Schools, Ready-to-Learn Television, and elementary mathematics and science equipment; and (2) current title VII Bilingual Education, Language Enhancement, and Language Acquisition Programs, including programs for bilingual education and foreign language assistance (but continues certain provisions for language minority students and emergency immigrant education). Revises and transfers to the new title III provisions from the current title VIII Indian, Native Hawaiian, and Alaska Native Education.

Repeals the Safe and Drug-Free Schools and Communities Act (current ESEA title IV), including provisions for State grants for drug and violence prevention programs.

Revises and renames ESEA title IV as Public School Choice. Declares it U.S. policy to: (1) support and stimulate improved public school performance through increased public elementary school and secondary school competition and increased Federal financial assistance; and (2) provide parents with more choices among public school options. Reauthorizes and revises as title IV parts: (1) A, Magnet School Assistance (current title V, part A); and (2) B, Public Charter Schools (current title X, part C), and doubles the amount for charter school assistance. Establishes title IV parts: (1) D, competitive grants for development of public school choice programs; and (2) E, requirements for State and local educational agency (LEA) and school report cards.

Revises, reauthorizes, and transfers from ESEA title VIII to title V, Impact Aid programs. Revises provisions for payments relating to Federal acquisition of real property. Repeals a special rule relating to computation of payments for eligible federally connected children.

Revises and renames ESEA title VI as High Performance and Quality Education Initiatives.

Requires LEAs to use certain portions of grants under such title for: (1) school improvement; (2) 21st Century extra learning opportunities; (3) safe learning environments; and (4) New Economy Technology Schools.

Sets forth, as ESEA title VII, accountability requirements, including performance reviews, sanctions, and awards. Reauthorizes and revises provisions for the America's Education Goals Panel in the executive branch.

Sets forth ESEA title VIII (current title XIV) general provisions, including a requirement that ESEA funds supplement and not supplant State and local funds.

Repeals the Goals 2000: Educate America Act and the following ESEA titles: (1) V, Promoting Equity, including part B Women's Educational Equity and part C Assistance to Address School Dropout Problems; (2) X, Programs of National Significance, including the Fund for the Improvement of Education and programs for gifted and talented children, arts in education, inexpensive book distribution, civic education, Ellender fellowships, 21st century community learning centers, urban education assistance, and national writing project; (3) XI, Coordinated Services; (4) XII, School Facilities Infrastructure Improvement; and (5) Support and Assistance Programs to Improve Education, including comprehensive regional assistance centers, the national diffusion network, Eisenhower regional mathematics and science education consortia, and technology-based technical assistance.