My short answer:  No, it is not wise to eliminate ALL standardized testing in schools.  It is important to consider ways in which we can REDUCE the amount of testing that takes place in elementary and secondary schools, but there is always an important place for assessment in education.  The ways in which test scores are used should also be re-evaluated.  As researchers, we need to work to improve tests so that they are more efficient and provide information that helps teachers, administrators, and policy-makers better understand the effectiveness of instruction, where improvements are needed, and how to teach better. It is also important to distinguish between "testing" and "assessment"; they don't always mean the same thing.  Assessment is vital for effective instruction.  Testing (in terms of large-scale, standardized testing) also has important applications but must be done in limited amounts and for practical, specific reasons. Please feel free to contact me back-channel if you would like to discuss this further.   

I do not think that legislation removing all standardized testing would succeed in the United States right now.  Conservatives, who control both houses of Congress and the presidency, tend to support standardized tests because they tend to align with the lecture-memorization model of learning.  

See my attached conceptual model of foundational beliefs.  Standardized tests tend to align with the bottom of the continuum, I believe.

Poster Conceptual Model of Foundational Beliefs

No, standardized testing shouldn't be eliminated entirely. However, there is currently an over-emphasis on the outcomes of these tests right now (in terms of teacher accountability and student advancement). Standardized test performance tends to tack along socioeconomic lines, so judging a school's or teacher's quality based on student performance on standardized tests is in reality judging a school/teacher based on the socioeconomic makeup of the students rather than actual teaching quality. That being said, standardized tests can be useful for tracking student improvement and etc., just shouldn't be the sole measure used to judge.

I agree, and to add on, we should therefore remove it from being a graduation requirement. I will be looking into these studies that show a correlation between socioeconomic status and test results. 

This kind of testing, it is advisable to leave as a helper method.

In my opinion, I do not think that it is prudent to introduce such a federal legislation. Across different studies on the standardized tests in America, it has been shown that there are too many redundant tests that students take from kindergarten all the way to high school, with the most being in 8th Grade. I personally agree that the tests that the students take are an important milestone to judge their ability to perform in times of stress and within a limited time period. However, I also understand that it may not be the most accurate form of knowing and understanding a person abilities to perform at work as some people perform extremely well outside of examination situations. The interpretation and usage of the tests results is incredibly complicated in the sense that the correlation of socioeconomic status and tests results are not always considered. Rather than introducing a federal legislation on the removal of tests, I would think that coming up with lesser and high quality tests would be a better first step then directly removing tests.