I 
113TH CONGRESS 
2D SESSION 
H. R. 4885 
To encourage and support partnerships between the public and private sectors 
to improve our nation’s social programs, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 18, 2014 
Mr. YOUNG of Indiana (for himself, Mr. DELANEY, Mr. GRIFFIN of Arkansas, 
Mr. LARSON of Connecticut, Mr. REED, Mr. POLIS, Mr. ROSS, Mr. KEN-
NEDY, and Mr. SCHOCK) introduced the following bill; which was referred 
to the Committee on Ways and Means, and in addition to the Committee 
on Financial Services, for a period to be subsequently determined by the 
Speaker, in each case for consideration of such provisions as fall within 
the jurisdiction of the committee concerned 
A BILL 
To encourage and support partnerships between the public 
and private sectors to improve our nation’s social pro-
grams, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Social Impact Bond 
Act’’. 
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SEC. 2. SOCIAL IMPACT BONDS. 
Title XX of the Social Security Act (42 U.S.C. 1397) 
is amended— 
(1) in the heading, by striking ‘‘to States’’ and 
inserting ‘‘and Programs for’’; and 
(2) by adding at the end the following: 
‘‘Subtitle C—Social Impact Bonds 
‘‘SEC. 2051. PURPOSES. 
‘‘The purposes of this subtitle are the following: 
‘‘(1) To improve the lives of families and indi-
viduals in need in the United States by funding so-
cial programs that achieve real results. 
‘‘(2) To ensure Federal funds are used effec-
tively on social services to produce positive outcomes 
for both service recipients and taxpayers. 
‘‘(3) To establish the use of social impact bonds 
to address some of our nation’s most pressing prob-
lems. 
‘‘(4) To facilitate the creation of public-private 
partnerships that bundle philanthropic and other 
private resources with existing public spending to 
scale up effective social interventions already being 
implemented by private organizations, non-profits, 
charitable organizations, and local governments 
across the country. 
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‘‘(5) To bring pay-for-performance to the social 
sector, allowing the United States to improve the im-
pact and effectiveness of vital social programs. 
‘‘SEC. 2052. SOCIAL IMPACT BOND APPLICATION. 
‘‘(a) NOTICE.—Not later than 1 year after the date 
of the enactment of this Act, the Secretary of the Treas-
ury, in consultation with the Federal Interagency Council 
on Social Impact Bonds, shall publish in the Federal Reg-
ister a notice that the Department is seeking proposals 
from States or local government for social impact bond 
projects in accordance with this section. 
‘‘(b) REQUIRED OUTCOMES
FOR SOCIAL IMPACT 
BOND PROJECT.—To qualify as a social impact bond 
project under this subtitle, a project must produce a meas-
urable, clearly defined outcome that results in social ben-
efit and Federal savings through any of the following: 
‘‘(1) Increasing work and earnings by individ-
uals who have been unemployed in the United States 
for more than six consecutive months. 
‘‘(2) Increasing employment and earnings of in-
dividuals age 16 to 24. 
‘‘(3) Increasing employment among individuals 
receiving Federal disability benefits. 
‘‘(4) Reducing the dependence of low-income 
families on Federal means-tested benefits. 
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‘‘(5) Improving rates of high school graduation. 
‘‘(6) Reducing teen and unplanned pregnancies. 
‘‘(7) Improving birth outcomes among low-in-
come families and individuals. 
‘‘(8) Reducing rates of asthma, diabetes, or 
other preventable diseases among low-income fami-
lies and individuals. 
‘‘(9) Increasing the proportion of children living 
in two-parent families. 
‘‘(10) Reducing incidences of child abuse and 
neglect. 
‘‘(11) Increasing adoptions of children from fos-
ter care. 
‘‘(12) Reducing recidivism among individuals 
released from prison. 
‘‘(13) Other measurable outcomes defined by 
the State or local government that result in positive 
social outcomes and Federal savings. 
‘‘(c) FEASIBILITY STUDY REQUIRED.—The notice 
described in subsection (a) shall require a State or local 
government to submit a feasibility study for the social im-
pact bond project that contains the following information: 
‘‘(1) The outcome goals of the project. 
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‘‘(2) A description of each intervention in the 
project and anticipated outcome of such interven-
tion. 
‘‘(3) Rigorous evidence demonstrating that the 
intervention can be expected to produce the desired 
outcomes. 
‘‘(4) The target population that will be served 
by the project. 
‘‘(5) The expected social benefits to participants 
who receive the intervention and others who may be 
impacted. 
‘‘(6) Projected Federal, State, and local govern-
ment costs and other costs to conduct the project. 
‘‘(7) Projected Federal, State, and local govern-
ment savings and other savings, including an esti-
mate prepared by the State or local government of 
the savings to the Federal, State, and local govern-
ment, on a program-by-program basis and in the ag-
gregate, if the project is implemented and the out-
comes are achieved. 
‘‘(8) If savings resulting from the successful 
completion of the project are estimated to accrue to 
the State or local government, the likelihood of the 
State or local government to realize those savings. 
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‘‘(9) A plan for delivering the intervention 
through a social impact bond model. 
‘‘(10) A description of the expertise of each 
service provider that will administer the intervention. 
‘‘(11) An explanation of the experience of the 
State or local government, the intermediary, or the 
service provider in raising private and philanthropic 
capital to fund social service investments. 
‘‘(12) The detailed roles and responsibilities of 
each entity involved in the project, including any 
State or local government entity, intermediary, serv-
ice provider, independent evaluator, investor, or 
other stakeholder. 
‘‘(13) A summary of the experience of the serv-
ice provider delivering the proposed intervention, a 
similar intervention, or a summary demonstrating 
the service provider has the expertise necessary to 
deliver the intervention. 
‘‘(14) A summary of the unmet need in the 
area where the intervention will be delivered or 
among the target population who will receive the 
intervention. 
‘‘(15) The payment terms, the methodology 
used to calculate outcome payments, the payment 
schedule, and performance thresholds. 
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‘‘(16) The project budget. 
‘‘(17) The project timeline. 
‘‘(18) The criteria used to determine the eligi-
bility of an individual for the project, including how 
selected populations will be identified, how they will 
be referred to the project, and how they will be en-
rolled in the project. 
‘‘(19) The evaluation design. 
‘‘(20) The metrics that will be used to deter-
mine whether the outcomes have been achieved and 
how such metrics will be measured. 
‘‘(21) A summary explaining the independence 
of the evaluator from the other entities involved in 
the project and the evaluator’s experience in con-
ducting rigorous evaluations of program effective-
ness including, where available, well-implemented 
randomized controlled trials on the intervention or 
similar interventions. 
‘‘(22) The capacity of the service provider to 
deliver the intervention to the number of partici-
pants the State or local government proposes to 
serve in the project. 
‘‘(d) PROJECT INTERMEDIARY INFORMATION RE-
QUIRED.—The feasibility study described in subsection (c) 
shall also contain the following information about the 
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intermediary for the social impact bond project (whether 
the intermediary is the service provider or other entity): 
‘‘(1) Experience and capacity for providing or 
facilitating the provision of the type of intervention 
proposed. 
‘‘(2) The mission and goals. 
‘‘(3) Information on whether the intermediary 
is already working with service providers that pro-
vide this intervention or an explanation of the capac-
ity of the intermediary to begin working with service 
providers to provide the intervention. 
‘‘(4) Experience working in a collaborative envi-
ronment across government and nongovernmental 
entities. 
‘‘(5) Previous experience collaborating with 
public or private entities to implement evidence- 
based programs. 
‘‘(6) Ability to raise or provide funding to cover 
operating costs (if applicable to the project). 
‘‘(7) Capacity and infrastructure to track out-
comes and measure results, including— 
‘‘(A) capacity to track and analyze pro-
gram performance; and 
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‘‘(B) experience with performance-based 
contracting and achieving project milestones 
and targets. 
‘‘(8) Role in delivering the intervention. 
‘‘(9) How the intermediary would monitor pro-
gram success, including a description of the interim 
benchmarks and outcome measures. 
‘‘SEC. 2053. AWARDING SOCIAL IMPACT BOND CONTRACTS. 
‘‘(a) TIMELINE IN AWARDING CONTRACT.—Not later 
than six months after receiving an application in accord-
ance with section 2052, the Secretary shall determine 
whether to enter into a contract for a social impact bond 
project with a State or local government. 
‘‘(b) CONSIDERATIONS IN AWARDING CONTRACT.— 
In determining whether to enter into a contract for a so-
cial impact bond project (the application for which was 
submitted under section 2052) the Secretary, in consulta-
tion with the Federal Interagency Council on Social Im-
pact Bonds (established by section 2056) and the head 
of any Federal agency administering a similar intervention 
or serving a population similar to that served by the 
project, shall consider each of the following: 
‘‘(1) The value to the Federal Government of 
the outcome expected to be achieved if the outcomes 
specified in the contract are met. 
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‘‘(2) The ability of the State or local govern-
ment in collaboration with the intermediary and the 
service providers to achieve the outcomes. 
‘‘(3) The savings to the Federal Government if 
the outcomes specified in contract are met. 
‘‘(4) The savings to the State and local govern-
ments if the outcomes specific in the contract are 
met. 
‘‘(5) The expected quality of the evaluation that 
would be conducted with respect to the contract. 
‘‘(c) CONTRACT AUTHORITY.— 
‘‘(1) CONTRACT
REQUIREMENTS.—In accord-
ance with this section, the Secretary, in consultation 
with the Federal Interagency Council on Social Im-
pact Bonds and the head of any Federal agency ad-
ministering a similar intervention or serving a popu-
lation similar to that served by the project, may 
enter into a contract for a social impact bond project 
with a State or local government if the Secretary de-
termines that each of the following requirements are 
met: 
‘‘(A) The State or local government agrees 
to achieve an outcome specified in the contract 
in order to receive payment. 
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‘‘(B) The Federal payment to the State or 
local government for each outcome specified is 
less than or equal to the value of the outcome 
to the Federal Government over a period not to 
exceed 10 years, as determined by the Sec-
retary, in consultation with the State or local 
government. 
‘‘(C) The duration of the project does not 
exceed 10 years. 
‘‘(D) The State or local government has 
demonstrated, through the application sub-
mitted under section 2052, that, based on prior 
rigorous experimental evaluations or rigorous 
quasi-experimental studies, the intervention can 
be expected to achieve each outcome specified in 
the contract. 
‘‘(E) The State, local government, inter-
mediary, or service provider has experience rais-
ing private or philanthropic capital to fund so-
cial service investments (if applicable to the 
project). 
‘‘(F) The State or local government has 
shown that each service provider has experience 
delivering the intervention, a similar interven-
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tion, or has otherwise demonstrated the exper-
tise necessary to deliver the intervention. 
‘‘(2) PAYMENT.—The Secretary shall pay the 
State or local government only if the independent 
evaluator described in section 2055 determines that 
the social impact bond project has met the require-
ments specified in the contract and achieved an out-
come specified in the contract. 
‘‘(3) LIMITATION.—The Secretary may not 
enter into a contract for a social impact bond project 
under paragraph (1) after the date that is 10 years 
after the date of the enactment of the Social Impact 
Bond Act. 
‘‘(d) NOTICE OF CONTRACT AWARD.—Not later than 
30 days after entering into a contract under this section, 
the Secretary shall publish a notice in the Federal Reg-
ister that includes, with regard to such contract, the fol-
lowing: 
‘‘(1) The outcome goals of the social impact 
bond project. 
‘‘(2) A description of each intervention in the 
project. 
‘‘(3) The target population that will be served 
by the project. 
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‘‘(4) The expected social benefits to participants 
who receive the intervention and others who may be 
impacted. 
‘‘(5) The detailed roles, responsibilities, and 
purposes of each Federal, State, or local government 
entity, intermediary, service provider, independent 
evaluator, investor, or other stakeholder. 
‘‘(6) The payment terms, the methodology used 
to calculate outcome payments, the payment sched-
ule, and performance thresholds. 
‘‘(7) The project budget. 
‘‘(8) The project timeline. 
‘‘(9) The project eligibility criteria. 
‘‘(10) The evaluation design. 
‘‘(11) The metrics that will be used to deter-
mine whether the outcomes have been achieved and 
how these metrics will be measured. 
‘‘(12) The estimate prepared by the State or 
local government of the savings to the Federal, 
State, and local government, on a program-by-pro-
gram basis and in the aggregate, if the contract is 
entered into and implemented and the outcomes are 
achieved. 
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‘‘SEC. 2054. FEASIBILITY STUDY FUNDING. 
‘‘(a) REQUESTS
FOR FUNDING
FOR FEASIBILITY 
STUDIES.—The Secretary shall reserve a portion of the 
funding provided in section 2057 to assist States or local 
governments in developing feasibility studies required by 
section 2052. To be eligible to receive funding to assist 
with completing a feasibility study, a State or local govern-
ment shall submit an application for feasibility study fund-
ing containing the following information: 
‘‘(1) A description of the outcome goals of the 
social impact bond project. 
‘‘(2) A description of the intervention, including 
anticipated program design, target population, an 
estimate regarding the number of individuals to be 
served, and setting for the intervention. 
‘‘(3) Evidence to support the likelihood that 
such intervention will produce the desired outcome. 
‘‘(4) The expected social benefits to participants 
who receive the intervention and others who may be 
impacted. 
‘‘(5) Estimated costs to conduct the project. 
‘‘(6) Estimates of Federal, State, and local gov-
ernment savings and other savings if the project is 
implemented and the outcomes are achieved. 
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‘‘(7) An estimated timeline for implementation 
and completion of the project, which shall not exceed 
10 years. 
‘‘(8) With respect to a project for which the 
State or local government selects an intermediary to 
operate the project, any partnerships needed to suc-
cessfully execute the project and the ability of the 
intermediary to foster such partnerships. 
‘‘(9) The expected resources needed to complete 
the feasibility study for the State or local govern-
ment to apply for social impact bond funding under 
section 2052. 
‘‘(b) FEDERAL SELECTION OF APPLICATIONS FOR 
FEASIBILITY STUDY.—Not later than 6 months after re-
ceiving an application for feasibility study funding under 
subsection (a), the Secretary, in consultation with the 
Federal Interagency Council on Social Impact Bonds and 
the head of any Federal agency administering a similar 
intervention or serving a population similar to that served 
by the project, shall select State or local government feasi-
bility study proposals for funding based on the following: 
‘‘(1) The likelihood that the proposal will 
achieve the desired outcome. 
‘‘(2) The value of the outcome expected to be 
achieved. 
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‘‘(3) The potential savings to the Federal Gov-
ernment if the social impact bond project is success-
ful. 
‘‘(4) The potential savings to the State and 
local governments if the project is successful. 
‘‘(c) PUBLIC DISCLOSURE.—Not later than 30 days 
after selecting a State or local government for feasibility 
study funding under this section, the Secretary shall cause 
to be published on the website of the Federal Interagency 
Council on Social Impact Bonds information explaining 
why a State or local government was granted feasibility 
study funding. 
‘‘(d) FUNDING RESTRICTION.— 
‘‘(1) FEASIBILITY
STUDY
RESTRICTION.—The 
Secretary may not provide feasibility study funding 
under this section for more than 50 percent of the 
estimated total cost of the feasibility study reported 
in the State or local government application sub-
mitted under subsection (a). 
‘‘(2) AGGREGATE RESTRICTION.—Of the total 
amount appropriated under section 2057, the Sec-
retary may not use more than $10,000,000 to pro-
vide feasibility study funding to States or local gov-
ernments under this section. 
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‘‘(e) SUBMISSION
OF
FEASIBILITY
STUDY
RE-
QUIRED.—Not later than six months after the receipt of 
feasibility study funding under this section, a State or 
local government receiving such funding shall complete the 
feasibility study and submit the study to the Federal 
Interagency Council on Social Impact Bonds. 
‘‘SEC. 2055. EVALUATIONS. 
‘‘(a) CONTRACT AUTHORITY.—For each State or 
local government awarded a social impact bond project ap-
proved by the Secretary under this Act, the head of the 
relevant agency, as determined by the Federal Interagency 
Council on Social Impact Bonds, shall enter into a con-
tract with such State or local government to pay for the 
independent evaluation to determine whether the State or 
local government project has met an outcome specified in 
the contract in order for the State or local government 
to receive outcome payments under this subtitle. 
‘‘(b) EVALUATOR QUALIFICATIONS.—The head of the 
relevant agency may not enter into a contract with a State 
or local government unless the head determines that the 
evaluator is independent of the other parties to the con-
tract and has demonstrated substantial experience in con-
ducting rigorous evaluations of program effectiveness in-
cluding, where available, well-implemented randomized 
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controlled trials on the intervention or similar interven-
tions. 
‘‘(c) METHODOLOGIES TO BE USED.—The evalua-
tion used to determine whether a State or local govern-
ment will receive outcome payments under this subtitle 
shall use experimental designs using random assignment 
or other research methodologies that allow for the strong-
est possible causal inferences when random assignment is 
not feasible. 
‘‘(d) PROGRESS REPORT.— 
‘‘(1) SUBMISSION
OF
REPORT.—The inde-
pendent evaluator shall— 
‘‘(A) not later than two years after a 
project has been approved by the Secretary and 
biannually thereafter until the project is con-
cluded, submit to the head of the relevant agen-
cy and the Federal Interagency Council on So-
cial Impact Bonds a written report summa-
rizing the progress that has been made in 
achieving each outcome specified in the con-
tract; and 
‘‘(B) at the scheduled time of the first out-
come payment and at the time of each subse-
quent payment, submit to the head of the rel-
evant agency and the Federal Interagency 
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Council on Social Impact Bonds a written re-
port that includes the results of the evaluation 
conducted to determine whether an outcome 
payment should be made along with information 
on the unique factors that contributed to 
achieving or failing to achieve the outcome, the 
challenges faced in attempting to achieve the 
outcome, and information on the improved fu-
ture delivery of this or similar interventions. 
‘‘(2) SUBMISSION
TO
CONGRESS.—Not later 
than 30 days after receipt of the written report pur-
suant to paragraph (1)(B), the Federal Interagency 
Council on Social Impact Bonds shall submit such 
report to each committee of jurisdiction in the 
House of Representatives and the Senate. 
‘‘(e) FINAL REPORT.— 
‘‘(1) SUBMISSION
OF
REPORT.—Within six 
months after the social impact bond project is com-
pleted, the independent evaluator shall— 
‘‘(A) evaluate the effects of the activities 
undertaken pursuant to the contract with re-
gard to each outcome specified in the contract; 
and 
‘‘(B) submit to the head of the relevant 
agency and the Federal Interagency Council on 
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Social Impact Bonds a written report that in-
cludes the results of the evaluation and the con-
clusion of the evaluator as to whether the State 
or local government has fulfilled each obligation 
of the contract, along with information on the 
unique factors that contributed to the success 
or failure of the project, the challenges faced in 
attempting to achieve the outcome, and infor-
mation on the improved future delivery of this 
or similar interventions. 
‘‘(2) SUBMISSION
TO
CONGRESS.—Not later 
than 30 days after receipt of the written report pur-
suant to paragraph (1)(B), the Federal Interagency 
Council on Social Impact Bonds shall submit such 
report to each committee of jurisdiction in the 
House of Representatives and the Senate. 
‘‘(f) LIMITATION ON COST OF EVALUATIONS.—Of 
the amount made available for social impact bond projects 
in section 2057, the Secretary may not obligate more than 
15 percent to evaluate the implementation and outcomes 
of such projects. 
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‘‘SEC. 2056. FEDERAL INTERAGENCY COUNCIL ON SOCIAL 
IMPACT BONDS. 
‘‘(a) ESTABLISHMENT.—There is established the 
Federal Interagency Council on Social Impact Bonds (in 
this section, referred to as the ‘Council’) to— 
‘‘(1) coordinate the efforts of social impact 
bond projects funded by this subtitle; 
‘‘(2) advise and assist the Secretary in the de-
velopment and implementation of such projects; 
‘‘(3) advise the Secretary on specific pro-
grammatic and policy matter related to such 
projects; 
‘‘(4) provide subject-matter expertise to the De-
partment of the Treasury with regard to such 
projects; 
‘‘(5) ensure that each State or local government 
that has entered into a contract with the Secretary 
for a social impact bond project under this subtitle 
and each evaluator selected by the head of the rel-
evant agency under section 2055 has access to Fed-
eral administrative data to assist the State or local 
government and the evaluator in evaluating the per-
formance and outcomes of the project; and 
‘‘(6) address issues that will influence the fu-
ture of social impact bond projects in the United 
States. 
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‘‘(b) COMPOSITION OF COUNCIL.—The Chair of the 
council shall be a member of the National Economic Coun-
cil or the Domestic Policy Council. The Council shall be 
composed of one designee, designated by the head of the 
relevant agency, from each of the following: 
‘‘(1) Office of Management and Budget. 
‘‘(2) Department of Labor. 
‘‘(3) Department of Health and Human Serv-
ices. 
‘‘(4) Social Security Administration. 
‘‘(5) Department of Agriculture. 
‘‘(6) Department of Justice. 
‘‘(7) Department of Housing and Urban Devel-
opment. 
‘‘(8) Department of Education. 
‘‘(9) Department of Veterans Affairs. 
‘‘(10) Department of the Treasury. 
‘‘SEC. 2057. FUNDING. 
‘‘(a) IN GENERAL.—Out of any money in the Treas-
ury not otherwise appropriated, there is hereby appro-
priated $300,000,000, to remain available until 10 years 
after the date specified in section 2053(c)(3), to carry out 
the activities authorized under this subtitle. 
‘‘(b) LIMITATION.—Of the amounts made available 
under subsection (a), the Secretary may not use more than 
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$1,000,000 in any fiscal year to support the review, ap-
proval, and oversight of social impact bond projects, in-
cluding activities conducted by— 
‘‘(1) the Federal Interagency Council on Social 
Impact Bonds; and 
‘‘(2) any other agency consulted by the Sec-
retary before approving a social impact bond project 
or a feasibility study under section 2054. 
‘‘SEC. 2058. WEBSITE. 
‘‘The Federal Interagency Council on Social Impact 
Bonds shall establish and maintain a public website that 
shall display the following: 
‘‘(1) A copy of, or method of accessing, each 
notice published regarding a social impact bond 
project pursuant to this subtitle. 
‘‘(2) For each State or local government that 
has entered into a contract with the Secretary for a 
social impact bond project, the website shall contain 
the following information: 
‘‘(A) The outcome goals of the project. 
‘‘(B) A description of each intervention in 
the project. 
‘‘(C) The target population that will be 
served by the project. 
VerDate Mar 15 2010 
02:17 Jun 24, 2014
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H4885
jbell on DSK4SPTVN1PROD with BILLS