  We describe a geometric and symmetry-based formulation of the equivalence
principle in non-relativistic physics. It applies both on the classical and
quantum levels and states that the Newtonian potential can be eliminated in
favor of a curved and time-dependent spatial metric. It is this requirement
that forces the gravitational mass to be equal to the inertial mass. We
identify the symmetry responsible for the equivalence principle as the remnant
of time-reparameterization symmetry of the relativistic theory. We also clarify
the transformation properties of the Schroedinger wave-function under arbitrary
changes of frame.
