Establishes the Joint Select Committee on School Accountability System (Committee) and states the Committee's purpose. Directs the Committee to evaluate information and recommendations provided by the Stakeholder Group, created by the State Board of Education (State Board) and the Department of Public Instruction (DPI) as detailed by the act, and other sources it deems appropriate, to provide recommendations to the specified NCGA committee by April 15, 2022. Provides for membership, member compensation and expenses, and Committee staffing. Terminates the Committee on the earlier of either May 1, 2022, or upon filing of its final report.

Requires the Stakeholder Group to recommend a Graduate Profile that reflects a unified definition of what public school students need to know and be able to do to be prepared for college, career, and civil life beyond high school. Charges the Stakeholder Group with considering multiple measures of accountability, including five specified considerations such as social and emotional learning, as well as any other factors the Committee or Group finds relevant, to determine the accountability measures that accurately reflect the effectiveness of each school in moving students to success in achieving the Graduate Profile. Directs the Stakeholder Group to recommend at least two accountability systems to the Committee as specified, with at least one system incorporating an A-F school performance grade system.

Directs the State Board and DPI to report on the Stakeholder Group's progress upon request by the Committee and submit a final report of the Group's recommended Graduate Profile and accountability systems to the Committee by February 15, 2022.