In its fiscal year 2002 budget summary document the Bush administration expressed concern-based in part on the findings and conclusions of two National Research Council studies-about recent trends in the federal funding of astronomy and astrophysics research. The President’s budget blueprint suggested that now is the time to address these concerns and directed the National Science Foundation (NSF) and the National Aeronautics and Space Administration (NASA) to establish a blue ribbon panel to (1) assess the organizational effectiveness of the federal research enterprise in astronomy and astrophysics, (2) consider the pros and cons of transferring NSF’s astronomy responsibilities to NASA, and (3) suggest alternative options for addressing issues in the management and organization of astronomical and astrophysical research. NASA and NSF asked the National Research Council to carry out the rapid assessment requested by the President. This report, focusing on the roles of NSF and NASA, provides the results of that assessment.