‘‘(D) The expected social benefits to par-
ticipants who receive the intervention and oth-
ers who may be impacted. 
‘‘(E) The detailed roles, responsibilities, 
and purposes of each Federal, State, or local 
government entity, intermediary, service pro-
vider, independent evaluator, investor, or other 
stakeholder. 
‘‘(F) The payment terms, methodology 
used to calculate outcome payments, the pay-
ment schedule, and performance thresholds. 
‘‘(G) The project budget. 
‘‘(H) The project timeline. 
‘‘(I) The project eligibility criteria. 
‘‘(J) The evaluation design. 
‘‘(K) The metrics used to determine wheth-
er the proposed outcomes have been achieved 
and how these metrics are measured. 
‘‘(3) A copy of the progress reports and the 
final reports relating to each social impact bond 
project. 
‘‘(4) An estimate of the savings to the Federal, 
State, and local government, on a program-by-pro-
gram basis and in the aggregate, resulting from the 
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successful completion of the social impact bond 
project. 
‘‘SEC. 2059. COMMUNITY REINVESTMENT ACT. 
‘‘Section 804 of the Community Reinvestment Act of 
1977 (12 U.S.C. 2903) is amended by adding at the end 
the following: 
‘‘ ‘(e) SOCIAL IMPACT BOND PROJECTS.—In assess-
ing and taking into account, under subsection (a), the 
record of a financial institution, the appropriate Federal 
financial supervisory agency shall consider, as a factor, in-
vestments made by the financial institution in social im-
pact bond projects under subtitle C of title XX of the So-
cial Security Act.’. 
‘‘SEC. 2060. REGULATIONS. 
‘‘The Secretary, in consultation with the Federal 
Interagency Council on Social Impact Bonds, may issue 
regulations as necessary to carry out this subtitle. 
‘‘SEC. 2061. DEFINITIONS. 
‘‘In this subtitle: 
‘‘(1) AGENCY.—The term ‘agency’ has the 
meaning given that term in section 551 of title 5, 
United States Code. 
‘‘(2) INTERVENTION.—The term ‘intervention’ 
means a specific service delivered to achieve an im-
pact through a social impact bond project. 
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‘‘(3) SECRETARY.—The term ‘Secretary’ means 
the Secretary of the Treasury. 
‘‘(4) SOCIAL
IMPACT
BOND
PROJECT.—The 
term ‘social impact bond project’ means a project 
that finances social services using a social impact 
bond model. 
‘‘(5) SOCIAL IMPACT BOND MODEL.—The term 
‘social impact bond model’ means a method of fi-
nancing social services in which— 
‘‘(A) Federal funds are awarded to a State 
or local government only if a State or local gov-
ernment achieves certain outcomes agreed upon 
by the State or local government and the Sec-
retary; and 
‘‘(B) the State or local government coordi-
nates with service providers, investors (if appli-
cable to the project), and (if necessary) an 
intermediary to identify— 
‘‘(i) 
an 
intervention 
expected 
to 
produce the outcome; 
‘‘(ii) a service provider to deliver the 
intervention to the target population; and 
‘‘(iii) investors to fund the delivery of 
the intervention. 
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‘‘(6) STATE.—The term ‘State’ means each 
State of the United States, the District of Columbia, 
each commonwealth, territory or possession of the 
United States, and each federally recognized Indian 
tribe.’’. 
Æ 
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