Today, America’s universities face considerable threats. Even greater than foreign competition are the threats from within the United States. Under the Bush administration, government increasingly imposed ideological constraints on the freedom of academic inquiry. Restrictive visa policies instituted after 9/11 continue to discourage talented foreign graduate students from training in the United States. The international financial crisis, which has depleted university endowments and state investments in higher education, threatens the vitality of some of our greatest institutions of higher learning. In order to sustain and enhance the American tradition of excellence, we must nurture this powerful—yet underappreciated—national resource.