This paper contains an evaluation of the regulatory program established by EPA as a consequence of the 1986 SDWA Amendments. The authors briefly describe: the level of health risk reduction attained by the regulations promulgated to date; the costs of complying with the regulations; the effectiveness of the regulations in terms of the health risk reductions attained relative to the costs incurred; and an assessment of the financial and technical capabilities of the public water supply (PWS) community relative to the demands imposed by the federal drinking water program, including an assessment of a possible future State Revolving Fund to assist utilities in meeting SDWA requirements.