The deterioration in U.S.-Latin American relations during President Bush's first term has been reversed during the second, this essay argues. Difficult issues persist, however, and his successor will need to deal with them. Specific recommendations are offered. --Ed. The dramatic rescue of 15 high-profile captives, including three Americans, in Colombia on July 2 did not just mark the end of one of the world's longest-running hostage dramas. It also ranks as the most recent indicator of a dramatic (yet largely unnoticed) turnaround in U.S.-Latin American relations over the last several years. While this relationship reached a post-Cold War nadir during George W. Bush's first term, a decline symbolized by U.S. support for an unsuccessful effort to oust Venezuelan president Hugo Chavez in 2002, the U.S. position in Latin America has now improved to the point that it constitutes one of Bush's more significant foreign policy achievements.