The purpose of this legislation, known as the "All Children are Equal Act" or the "ACE Act," is to change how federal funding is allocated to local educational agencies (LEAs) under the Elementary and Secondary Education Act of 1965. The main goal is to ensure that schools with higher percentages of economically disadvantaged students receive more financial support. Key provisions of the Act include a revision of the formula used to determine grant amounts for targeted and education finance incentive grants.