Panelists assessed college endowments and discussed the need for and implications of possible reform. In the first panel Miller, Frey, and Vedder reviewed the role that college endowments play in higher education and discussed endowment investing strategy. Todd Zywicki moderated. In the second panel Zerbe, Hartle, and Munson reviewed the possibility of using endowment proceeds to make college more affordable for students and families. Sandy Baum moderated. Panel members responded to audience members' questions.