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In this paper, we discuss how school administrators can reconcile the ethical dilemmas they face in a market-driven educational policy context that pushes them to be colorblind in their leadership practice by focusing on one policy issue: school finance. We provide an overview of the current state of school funding in the U.S. as well as examples of states and local school districts adopting anti-racist approaches to school finance reform policies and programs that show promise as more racially equitable. As our communities become more racially and economically unequal and schools are increasingly racially isolated, school leaders need to practice anti-racist educational leadership and advocate for school funding policies that are not just economically, but also racially equitable.