,i #aac? ,,congress #b;d ,session ,h4 ,r4 #dhhe ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,june #ah1 #bjad ,mr4 ,"y ( ,indiana 7= himself1 ,mr4 ,delaney1 ,mr4 ,griff9 ( ,arkansas1 ,mr4 ,l>son ( ,connecticut1 ,mr4 ,re$1 ,mr4 ,polis1 ,mr4 ,ross1 ,mr4 ,k5n$y1 & ,mr4 ,s*ock7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,ways & ,means1 & 9 addition to ! ,committee on ,f9ancial ,s]vices1 = a p]iod to be subsequ5tly det]m9$ by ! ,speak]1 9 ea* case = consid]ation ( su* provisions z fall )9 ! jurisdiction ( ! committee conc]n$ ,a ,,bill ,to enc\rage & support p>tn]%ips betwe5 ! public & private sectors to improve our nation's social programs1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,social ,impact ,bond ,act4 #b4 ,social ,impact ,bonds ,title ,,xx ( ! ,social ,security ,act 7#db ,u4,s4,c4 #acig7 is am5d$-- 7#a7 9 ! head+1 by /rik+ to ,/ates & ins]t+ & ,programs =2 & 7#b7 by add+ at ! end ! foll[+3 ,c ,social ,impact ,bonds #bjea4 ,purposes ,! purposes ( ?is subtitle are ! foll[+3 7#a7 ,to improve ! lives ( families & individuals 9 ne$ 9 ! ,unit$ ,/ates by fund+ social programs t a*ieve real results4 7#b7 ,to ensure ,f$]al funds are us$ effectively on social s]vices to produce positive outcomes = bo? s]vice recipi5ts & taxpay]s4 7#c7 ,to e/abli% ! use ( social impact bonds to address "s ( our nation's mo/ press+ problems4 7#d7 ,to facilitate ! creation ( public-private p>tn]%ips t bundle philan?ropic & o!r private res\rces ) exi/+ public sp5d+ to scale up effective social int]v5tions already be+ implem5t$ by private organizations1 non-pr(its1 *>itable organizations1 & local gov]nm5ts across ! c\ntry4 7#e7 ,to br+ pay-=-p]=mance to ! social sector1 all[+ ! ,unit$ ,/ates to improve ! impact & effectiv5ess ( vital social programs4 #bjeb4 ,social impact bond application 7a7 ,notice ,n lat] ?an #a ye> aft] ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y ( ! ,treasury1 9 consultation ) ! ,f$]al ,int]ag5cy ,c\ncil on ,social ,impact ,bonds1 %all publi% 9 ! ,f$]al ,regi/] a notice t ! ,dep>tm5t is seek+ proposals f ,/ates or local gov]nm5t = social impact bond projects 9 accordance ) ?is section4 7b7 ,requir$ outcomes = social impact bond project ,to qualify z a social impact bond project "u ?is subtitle1 a project mu/ produce a measurable1 cle>ly def9$ outcome t results 9 social b5efit & ,f$]al sav+s ?r\gh any ( ! foll[+3 7#a7 ,increas+ "w & e>n+s by individuals :o h be5 unemploy$ 9 ! ,unit$ ,/ates = m ?an six consecutive mon?s4 7#b7 ,increas+ employm5t & e>n+s ( individuals age #af to #bd4 7#c7 ,increas+ employm5t among individuals receiv+ ,f$]al disability b5efits4 7#d7 ,r$uc+ ! dep5d5ce ( l[-income families on ,f$]al means-te/$ b5efits4 7#e7 ,improv+ rates ( high s*ool graduation4 7#f7 ,r$uc+ te5 & unplann$ pregnancies4 7#g7 ,improv+ bir? outcomes among l[-income families & individuals4 7#h7 ,r$uc+ rates ( a/hma1 diabetes1 or o!r prev5table diseases among l[-income families & individuals4 7#i7 ,increas+ ! proportion ( *ildr5 liv+ 9 two-p>5t families4 7#aj7 ,r$uc+ incid5ces ( *ild abuse & neglect4 7#aa7 ,increas+ adoptions ( *ildr5 f fo/] c>e4 7#ab7 ,r$uc+ recidivism among individuals releas$ f prison4 7#ac7 ,o!r measurable outcomes def9$ by ! ,/ate or local gov]nm5t t result 9 positive social outcomes & ,f$]al sav+s4 7c7 ,feasibility /udy requir$ ,! notice describ$ 9 subsection 7a7 %all require a ,/ate or local gov]nm5t to submit a feasibility /udy = ! social impact bond project t conta9s ! foll[+ in=mation3 7#a7 ,! outcome goals ( ! project4 7#b7 ,a description ( ea* int]v5tion 9 ! project & anticipat$ outcome ( su* int]v5tion4 7#c7 ,rigor\s evid5ce demon/rat+ t ! int]v5tion c be expect$ to produce ! desir$ outcomes4 7#d7 ,! t>get population t w be s]v$ by ! project4 7#e7 ,! expect$ social b5efits to p>ticipants :o receive ! int]v5tion & o!rs :o may be impact$4 7#f7 ,project$ ,f$]al1 ,/ate1 & local gov]nm5t co/s & o!r co/s to conduct ! project4 7#g7 ,project$ ,f$]al1 ,/ate1 & local gov]nm5t sav+s & o!r sav+s1 includ+ an e/imate prep>$ by ! ,/ate or local gov]nm5t ( ! sav+s to ! ,f$]al1 ,/ate1 & local gov]nm5t1 on a program-by-program basis & 9 ! aggregate1 if ! project is implem5t$ & ! outcomes are a*iev$4 7#h7 ,if sav+s result+ f ! successful completion ( ! project are e/imat$ to accrue to ! ,/ate or local gov]nm5t1 ! likelihood ( ! ,/ate or local gov]nm5t to realize ^? sav+s4 7#i7 ,a plan = deliv]+ ! int]v5tion ?r\gh a social impact bond model4 7#aj7 ,a description ( ! exp]tise ( ea* s]vice provid] t w adm9i/] ! int]v5tion4 7#aa7 ,an explanation ( ! exp]i5ce ( ! ,/ate or local gov]nm5t1 ! int]m$i>y1 or ! s]vice provid] 9 rais+ private & philan?ropic capital to fund social s]vice inve/m5ts4 7#ab7 ,! detail$ roles & responsibilities ( ea* entity involv$ 9 ! project1 includ+ any ,/ate or local gov]nm5t entity1 int]m$i>y1 s]vice provid]1 indep5d5t evaluator1 inve/or1 or o!r /akehold]4 7#ac7 ,a summ>y ( ! exp]i5ce ( ! s]vice provid] deliv]+ ! propos$ int]v5tion1 a simil> int]v5tion1 or a summ>y demon/rat+ ! s]vice provid] has ! exp]tise necess>y to deliv] ! int]v5tion4 7#ad7 ,a summ>y ( ! unmet ne$ 9 ! area :]e ! int]v5tion w be deliv]$ or among ! t>get population :o w receive ! int]v5tion4 7#ae7 ,! paym5t t]ms1 ! me?odology us$ to calculate outcome paym5ts1 ! paym5t s*$ule1 & p]=mance ?re%olds4 7#af7 ,! project budget4 7#ag7 ,! project timel9e4 7#ah7 ,! crit]ia us$ to det]m9e ! eligibility ( an individual = ! project1 includ+ h[ select$ populations w be id5tifi$1 h[ !y w be ref]r$ to ! project1 & h[ !y w be enroll$ 9 ! project4 7#ai7 ,! evaluation design4 7#bj7 ,! metrics t w be us$ to det]m9e :e!r ! outcomes h be5 a*iev$ & h[ su* metrics w be measur$4 7#ba7 ,a summ>y expla9+ ! indep5d5ce ( ! evaluator f ! o!r entities involv$ 9 ! project & ! evaluator's exp]i5ce 9 conduct+ rigor\s evaluations ( program effectiv5ess includ+1 :]e available1 well-implem5t$ r&omiz$ controll$ trials on ! int]v5tion or simil> int]v5tions4 7#bb7 ,! capacity ( ! s]vice provid] to deliv] ! int]v5tion to ! numb] ( p>ticipants ! ,/ate or local gov]nm5t proposes to s]ve 9 ! project4 7d7 ,project int]m$i>y in=mation requir$ ,! feasibility /udy describ$ 9 subsection 7c7 %all also conta9 ! foll[+ in=mation ab\t ! int]m$i>y = ! social impact bond project 7:e!r ! int]m$i>y is ! s]vice provid] or o!r entity73 7#a7 ,exp]i5ce & capacity = provid+ or facilitat+ ! provision ( ! type ( int]v5tion propos$4 7#b7 ,! mission & goals4 7#c7 ,in=mation on :e!r ! int]m$i>y is already work+ ) s]vice provid]s t provide ?is int]v5tion or an explanation ( ! capacity ( ! int]m$i>y to beg9 work+ ) s]vice provid]s to provide ! int]v5tion4 7#d7 ,exp]i5ce work+ 9 a collaborative environm5t across gov]nm5t & nongov]nm5tal entities4 7#e7 ,previ\s exp]i5ce collaborat+ ) public or private entities to implem5t evid5ce-bas$ programs4 7#f7 ,ability to raise or provide fund+ to cov] op]at+ co/s 7if applicable to ! project74 7#g7 ,capacity & infra/ructure to track outcomes & measure results1 includ+-- 7,a7 capacity to track & analyze program p]=mance2 & 7,b7 exp]i5ce ) p]=mance-bas$ contract+ & a*iev+ project mile/ones & t>gets4 7#h7 ,role 9 deliv]+ ! int]v5tion4 7#i7 ,h[ ! int]m$i>y w\ld monitor program success1 includ+ a description ( ! int]im b5*m>ks & outcome measures4 #bjec4 ,aw>d+ social impact bond contracts 7a7 ,timel9e 9 aw>d+ contract ,n lat] ?an six mon?s aft] receiv+ an application 9 accordance ) section #bjeb1 ! ,secret>y %all det]m9e :e!r to ent] into a contract = a social impact bond project ) a ,/ate or local gov]nm5t4 7b7 ,consid]ations 9 ,aw>d+ ,contract ,9 det]m9+ :e!r to ent] into a contract = a social impact bond project 7! application = :i* 0 submitt$ "u section #bjeb7 ! ,secret>y1 9 consultation ) ! ,f$]al ,int]ag5cy ,c\ncil on ,social ,impact ,bonds 7e/abli%$ by section #bjef7 & ! head ( any ,f$]al ag5cy adm9i/]+ a simil> int]v5tion or s]v+ a population simil> to t s]v$ by ! project1 %all consid] ea* ( ! foll[+3 7#a7 ,! value to ! ,f$]al ,gov]nm5t ( ! outcome expect$ to be a*iev$ if ! outcomes specifi$ 9 ! contract are met4 7#b7 ,! ability ( ! ,/ate or local gov]nm5t 9 collaboration ) ! int]m$i>y & ! s]vice provid]s to a*ieve ! outcomes4 7#c7 ,! sav+s to ! ,f$]al ,gov]nm5t if ! outcomes specifi$ 9 contract are met4 7#d7 ,! sav+s to ! ,/ate & local gov]nm5ts if ! outcomes specific 9 ! contract are met4 7#e7 ,! expect$ quality ( ! evaluation t w\ld be conduct$ ) respect to ! contract4 7c7 ,contract ,au?ority 7#a7 ,contract requirem5ts ,9 accordance ) ?is section1 ! ,secret>y1 9 consultation ) ! ,f$]al ,int]ag5cy ,c\ncil on ,social ,impact ,bonds & ! head ( any ,f$]al ag5cy adm9i/]+ a simil> int]v5tion or s]v+ a population simil> to t s]v$ by ! project1 may ent] into a contract = a social impact bond project ) a ,/ate or local gov]nm5t if ! ,secret>y det]m9es t ea* ( ! foll[+ requirem5ts are met3 7,a7 ,! ,/ate or local gov]nm5t agrees to a*ieve an outcome specifi$ 9 ! contract 9 ord] to receive paym5t4 7,b7 ,! ,f$]al paym5t to ! ,/ate or local gov]nm5t = ea* outcome specifi$ is less ?an or equal to ! value ( ! outcome to ! ,f$]al ,gov]nm5t ov] a p]iod n to exce$ #aj ye>s1 z det]m9$ by ! ,secret>y1 9 consultation ) ! ,/ate or local gov]nm5t4 7,c7 ,! duration ( ! project does n exce$ #aj ye>s4 7,d7 ,! ,/ate or local gov]nm5t has demon/rat$1 ?r\gh ! application submitt$ "u section #bjeb1 t1 bas$ on prior rigor\s exp]im5tal evaluations or rigor\s quasi-exp]im5tal /udies1 ! int]v5tion c be expect$ to a*ieve ea* outcome specifi$ 9 ! contract4 7,e7 ,! ,/ate1 local gov]nm5t1 int]m$i>y1 or s]vice provid] has exp]i5ce rais+ private or philan?ropic capital to fund social s]vice inve/m5ts 7if applicable to ! project74 7,f7 ,! ,/ate or local gov]nm5t has %[n t ea* s]vice provid] has exp]i5ce deliv]+ ! int]v5tion1 a simil> int]v5tion1 or has o!rwise demon/rat$ ! exp]tise necess>y to deliv] ! int]v5tion4 7#b7 ,paym5t ,! ,secret>y %all pay ! ,/ate or local gov]nm5t only if ! indep5d5t evaluator describ$ 9 section #bjee det]m9es t ! social impact bond project has met ! requirem5ts specifi$ 9 ! contract & a*iev$ an outcome specifi$ 9 ! contract4 7#c7 ,limitation ,! ,secret>y may n ent] into a contract = a social impact bond project "u p>agraph 7#a7 aft] ! date t is #aj ye>s aft] ! date ( ! enactm5t ( ! ,social ,impact ,bond ,act4 7d7 ,notice ( contract aw>d ,n lat] ?an #cj days aft] ent]+ into a contract "u ?is section1 ! ,secret>y %all publi% a notice 9 ! ,f$]al ,regi/] t includes1 ) reg>d to su* contract1 ! foll[+3 7#a7 ,! outcome goals ( ! social impact bond project4 7#b7 ,a description ( ea* int]v5tion 9 ! project4 7#c7 ,! t>get population t w be s]v$ by ! project4 7#d7 ,! expect$ social b5efits to p>ticipants :o receive ! int]v5tion & o!rs :o may be impact$4 7#e7 ,! detail$ roles1 responsibilities1 & purposes ( ea* ,f$]al1 ,/ate1 or local gov]nm5t entity1 int]m$i>y1 s]vice provid]1 indep5d5t evaluator1 inve/or1 or o!r /akehold]4 7#f7 ,! paym5t t]ms1 ! me?odology us$ to calculate outcome paym5ts1 ! paym5t s*$ule1 & p]=mance ?re%olds4 7#g7 ,! project budget4 7#h7 ,! project timel9e4 7#i7 ,! project eligibility crit]ia4 7#aj7 ,! evaluation design4 7#aa7 ,! metrics t w be us$ to det]m9e :e!r ! outcomes h be5 a*iev$ & h[ ^! metrics w be measur$4 7#ab7 ,! e/imate prep>$ by ! ,/ate or local gov]nm5t ( ! sav+s to ! ,f$]al1 ,/ate1 & local gov]nm5t1 on a program-by-program basis & 9 ! aggregate1 if ! contract is ent]$ into & implem5t$ & ! outcomes are a*iev$4 #bjed4 ,feasibility /udy fund+ 7a7 ,reque/s = fund+ = feasibility /udies ,! ,secret>y %all res]ve a portion ( ! fund+ provid$ 9 section #bjeg to assi/ ,/ates or local gov]nm5ts 9 develop+ feasibility /udies requir$ by section #bjeb4 ,to be eligible to receive fund+ to assi/ ) complet+ a feasibility /udy1 a ,/ate or local gov]nm5t %all submit an application = feasibility /udy fund+ conta9+ ! foll[+ in=mation3 7#a7 ,a description ( ! outcome goals ( ! social impact bond project4 7#b7 ,a description ( ! int]v5tion1 includ+ anticipat$ program design1 t>get population1 an e/imate reg>d+ ! numb] ( individuals to be s]v$1 & sett+ = ! int]v5tion4 7#c7 ,evid5ce to support ! likelihood t su* int]v5tion w produce ! desir$ outcome4 7#d7 ,! expect$ social b5efits to p>ticipants :o receive ! int]v5tion & o!rs :o may be impact$4 7#e7 ,e/imat$ co/s to conduct ! project4 7#f7 ,e/imates ( ,f$]al1 ,/ate1 & local gov]nm5t sav+s & o!r sav+s if ! project is implem5t$ & ! outcomes are a*iev$4 7#g7 ,an e/imat$ timel9e = implem5tation & completion ( ! project1 :i* %all n exce$ #aj ye>s4 7#h7 ,) respect to a project = :i* ! ,/ate or local gov]nm5t selects an int]m$i>y to op]ate ! project1 any p>tn]%ips ne$$ to successfully execute ! project & ! ability ( ! int]m$i>y to fo/] su* p>tn]%ips4 7#i7 ,! expect$ res\rces ne$$ to complete ! feasibility /udy = ! ,/ate or local gov]nm5t to apply = social impact bond fund+ "u section #bjeb4 7b7 ,f$]al selection ( applications = feasibility /udy ,n lat] ?an #f mon?s aft] receiv+ an application = feasibility /udy fund+ "u subsection 7a71 ! ,secret>y1 9 consultation ) ! ,f$]al ,int]ag5cy ,c\ncil on ,social ,impact ,bonds & ! head ( any ,f$]al ag5cy adm9i/]+ a simil> int]v5tion or s]v+ a population simil> to t s]v$ by ! project1 %all select ,/ate or local gov]nm5t feasibility /udy proposals = fund+ bas$ on ! foll[+3 7#a7 ,! likelihood t ! proposal w a*ieve ! desir$ outcome4 7#b7 ,! value ( ! outcome expect$ to be a*iev$4 7#c7 ,! pot5tial sav+s to ! ,f$]al ,gov]nm5t if ! social impact bond project is successful4 7#d7 ,! pot5tial sav+s to ! ,/ate & local gov]nm5ts if ! project is successful4 7c7 ,public disclosure ,n lat] ?an #cj days aft] select+ a ,/ate or local gov]nm5t = feasibility /udy fund+ "u ?is section1 ! ,secret>y %all cause to be publi%$ on ! website ( ! ,f$]al ,int]ag5cy ,c\ncil on ,social ,impact ,bonds in=mation expla9+ :y a ,/ate or local gov]nm5t 0 grant$ feasibility /udy fund+4 7d7 ,fund+ re/riction 7#a7 ,feasibility /udy re/riction ,! ,secret>y may n provide feasibility /udy fund+ "u ?is section = m ?an #ej p]c5t ( ! e/imat$ total co/ ( ! feasibility /udy report$ 9 ! ,/ate or local gov]nm5t application submitt$ "u subsection 7a74 7#b7 ,aggregate re/riction ,( ! total am\nt appropriat$ "u section #bjeg1 ! ,secret>y may n use m ?an #aj1jjj1jjj to provide feasibility /udy fund+ to ,/ates or local gov]nm5ts "u ?is section4 7e7 ,submission ( feasibility /udy requir$ ,n lat] ?an six mon?s aft] ! receipt ( feasibility /udy fund+ "u ?is section1 a ,/ate or local gov]nm5t receiv+ su* fund+ %all complete ! feasibility /udy & submit ! /udy to ! ,f$]al ,int]ag5cy ,c\ncil on ,social ,impact ,bonds4 #bjee4 ,evaluations 7a7 ,contract ,au?ority ,= ea* ,/ate or local gov]nm5t aw>d$ a social impact bond project approv$ by ! ,secret>y "u ?is ,act1 ! head ( ! relevant ag5cy1 z det]m9$ by ! ,f$]al ,int]ag5cy ,c\ncil on ,social ,impact ,bonds1 %all ent] into a contract ) su* ,/ate or local gov]nm5t to pay = ! indep5d5t evaluation to det]m9e :e!r ! ,/ate or local gov]nm5t project has met an outcome specifi$ 9 ! contract 9 ord] = ! ,/ate or local gov]nm5t to receive outcome paym5ts "u ?is subtitle4 7b7 ,evaluator ,qualifications ,! head ( ! relevant ag5cy may n ent] into a contract ) a ,/ate or local gov]nm5t unless ! head det]m9es t ! evaluator is indep5d5t ( ! o!r p>ties to ! contract & has demon/rat$ sub/antial exp]i5ce 9 conduct+ rigor\s evaluations ( program effectiv5ess includ+1 :]e available1 well-implem5t$ r&omiz$ controll$ trials on ! int]v5tion or simil> int]v5tions4 7c7 ,me?odologies ,to ,be ,us$ ,! evaluation us$ to det]m9e :e!r a ,/ate or local gov]nm5t w receive outcome paym5ts "u ?is subtitle %all use exp]im5tal designs us+ r&om assignm5t or o!r rese>* me?odologies t all[ = ! /ronge/ possible causal inf]5ces :5 r&om assignm5t is n feasible4 7d7 ,progress ,report 7#a7 ,submission ( report ,! indep5d5t evaluator %all-- 7,a7 n lat] ?an two ye>s aft] a project has be5 approv$ by ! ,secret>y & biannually !reaft] until ! project is conclud$1 submit to ! head ( ! relevant ag5cy & ! ,f$]al ,int]ag5cy ,c\ncil on ,social ,impact ,bonds a writt5 report summ>iz+ ! progress t has be5 made 9 a*iev+ ea* outcome specifi$ 9 ! contract2 & 7,b7 at ! s*$ul$ "t ( ! fir/ outcome paym5t & at ! "t ( ea* subsequ5t paym5t1 submit to ! head ( ! relevant ag5cy & ! ,f$]al ,int]ag5cy ,c\ncil on ,social ,impact ,bonds a writt5 report t includes ! results ( ! evaluation conduct$ to det]m9e :e!r an outcome paym5t %\ld be made along ) in=mation on ! unique factors t contribut$ to a*iev+ or fail+ to a*ieve ! outcome1 ! *all5ges fac$ 9 attempt+ to a*ieve ! outcome1 & in=mation on ! improv$ future deliv]y ( ?is or simil> int]v5tions4 7#b7 ,submission to ,congress ,n lat] ?an #cj days aft] receipt ( ! writt5 report pursuant to p>agraph 7#a77;,b71 ! ,f$]al ,int]ag5cy ,c\ncil on ,social ,impact ,bonds %all submit su* report to ea* committee ( jurisdiction 9 ! ,h\se ( ,repres5tatives & ! ,s5ate4 7e7 ,f9al ,report 7#a7 ,submission ( report ,)9 six mon?s aft] ! social impact bond project is complet$1 ! indep5d5t evaluator %all-- 7,a7 evaluate ! effects ( ! activities und]tak5 pursuant to ! contract ) reg>d to ea* outcome specifi$ 9 ! contract2 & 7,b7 submit to ! head ( ! relevant ag5cy & ! ,f$]al ,int]ag5cy ,c\ncil on ,social ,impact ,bonds a writt5 report t includes ! results ( ! evaluation & ! conclusion ( ! evaluator z to :e!r ! ,/ate or local gov]nm5t has fulfill$ ea* obligation ( ! contract1 along ) in=mation on ! unique factors t contribut$ to ! success or failure ( ! project1 ! *all5ges fac$ 9 attempt+ to a*ieve ! outcome1 & in=mation on ! improv$ future deliv]y ( ?is or simil> int]v5tions4 7#b7 ,submission to ,congress ,n lat] ?an #cj days aft] receipt ( ! writt5 report pursuant to p>agraph 7#a77;,b71 ! ,f$]al ,int]ag5cy ,c\ncil on ,social ,impact ,bonds %all submit su* report to ea* committee ( jurisdiction 9 ! ,h\se ( ,repres5tatives & ! ,s5ate4 7f7 ,limitation on ,co/ ( ,evaluations ,( ! am\nt made available = social impact bond projects 9 section #bjeg1 ! ,secret>y may n obligate m ?an #ae p]c5t to evaluate ! implem5tation & outcomes ( su* projects4 #bjef4 ,f$]al int]ag5cy c\ncil on social impact bonds 7a7 ,e/abli%m5t ,!re is e/abli%$ ! ,f$]al ,int]ag5cy ,c\ncil on ,social ,impact ,bonds 79 ?is section1 ref]r$ to z ! ,c\ncil7 to-- 7#a7 coord9ate ! ef=ts ( social impact bond projects fund$ by ?is subtitle2 7#b7 advise & assi/ ! ,secret>y 9 ! developm5t & implem5tation ( su* projects2 7#c7 advise ! ,secret>y on specific programmatic & policy matt] relat$ to su* projects2 7#d7 provide subject-matt] exp]tise to ! ,dep>tm5t ( ! ,treasury ) reg>d to su* projects2 7#e7 ensure t ea* ,/ate or local gov]nm5t t has ent]$ into a contract ) ! ,secret>y = a social impact bond project "u ?is subtitle & ea* evaluator select$ by ! head ( ! relevant ag5cy "u section #bjee has access to ,f$]al adm9i/rative data to assi/ ! ,/ate or local gov]nm5t & ! evaluator 9 evaluat+ ! p]=mance & outcomes ( ! project2 & 7#f7 address issues t w influ5ce ! future ( social impact bond projects 9 ! ,unit$ ,/ates4 7b7 ,composition ( ,c\ncil ,! ,*air ( ! c\ncil %all be a memb] ( ! ,national ,economic ,c\ncil or ! ,dome/ic ,policy ,c\ncil4 ,! ,c\ncil %all be compos$ ( "o designee1 designat$ by ! head ( ! relevant ag5cy1 f ea* ( ! foll[+3 7#a7 ,(fice ( ,managem5t & ,budget4 7#b7 ,dep>tm5t ( ,labor4 7#c7 ,dep>tm5t ( ,heal? & ,human ,s]vices4 7#d7 ,social ,security ,adm9i/ration4 7#e7 ,dep>tm5t ( ,agriculture4 7#f7 ,dep>tm5t ( ,ju/ice4 7#g7 ,dep>tm5t ( ,h\s+ & ,urban ,developm5t4 7#h7 ,dep>tm5t ( ,education4 7#i7 ,dep>tm5t ( ,vet]ans ,affairs4 7#aj7 ,dep>tm5t ( ! ,treasury4 #bjeg4 ,fund+ 7a7 ,9 g5]al ,out ( any money 9 ! ,treasury n o!rwise appropriat$1 !re is h]eby appropriat$ #cjj1jjj1jjj1 to rema9 available until #aj ye>s aft] ! date specifi$ 9 section #bjec7;c77#c71 to c>ry out ! activities au?oriz$ "u ?is subtitle4 7b7 ,limitation ,( ! am\nts made available "u subsection 7a71 ! ,secret>y may n use m ?an #a1jjj1jjj 9 any fiscal ye> to support ! review1 approval1 & ov]sight ( social impact bond projects1 includ+ activities conduct$ by-- 7#a7 ! ,f$]al ,int]ag5cy ,c\ncil on ,social ,impact ,bonds2 & 7#b7 any o!r ag5cy consult$ by ! ,secret>y be=e approv+ a social impact bond project or a feasibility /udy "u section #bjed4 #bjeh4 ,website ,! ,f$]al ,int]ag5cy ,c\ncil on ,social ,impact ,bonds %all e/abli% & ma9ta9 a public website t %all display ! foll[+3 7#a7 ,a copy (1 or me?od ( access+1 ea* notice publi%$ reg>d+ a social impact bond project pursuant to ?is subtitle4 7#b7 ,= ea* ,/ate or local gov]nm5t t has ent]$ into a contract ) ! ,secret>y = a social impact bond project1 ! website %all conta9 ! foll[+ in=mation3 7,a7 ,! outcome goals ( ! project4 7,b7 ,a description ( ea* int]v5tion 9 ! project4 7,c7 ,! t>get population t w be s]v$ by ! project4 7,d7 ,! expect$ social b5efits to p>ticipants :o receive ! int]v5tion & o!rs :o may be impact$4 7,e7 ,! detail$ roles1 responsibilities1 & purposes ( ea* ,f$]al1 ,/ate1 or local gov]nm5t entity1 int]m$i>y1 s]vice provid]1 indep5d5t evaluator1 inve/or1 or o!r /akehold]4 7,f7 ,! paym5t t]ms1 me?odology us$ to calculate outcome paym5ts1 ! paym5t s*$ule1 & p]=mance ?re%olds4 7,g7 ,! project budget4 7,h7 ,! project timel9e4 7,i7 ,! project eligibility crit]ia4 7,j7 ,! evaluation design4 7,k7 ,! metrics us$ to det]m9e :e!r ! propos$ outcomes h be5 a*iev$ & h[ ^! metrics are measur$4 7#c7 ,a copy ( ! progress reports & ! f9al reports relat+ to ea* social impact bond project4 7#d7 ,an e/imate ( ! sav+s to ! ,f$]al1 ,/ate1 & local gov]nm5t1 on a program-by-program basis & 9 ! aggregate1 result+ f ! successful completion ( ! social impact bond project4 #bjei4 ,community ,re9ve/m5t ,act ,section #hjd ( ! ,community ,re9ve/m5t ,act ( #aigg 7#ab ,u4,s4,c4 #bijc7 is am5d$ by add+ at ! end ! foll[+3 7e7 ,social impact bond projects ,9 assess+ & tak+ into acc\nt1 "u subsection 7a71 ! record ( a f9ancial in/itution1 ! appropriate ,f$]al f9ancial sup]visory ag5cy %all consid]1 z a factor1 inve/m5ts made by ! f9ancial in/itution 9 social impact bond projects "u subtitle ,c ( title ,,xx ( ! ,social ,security ,act4 4 #bjfj4 ,regulations ,! ,secret>y1 9 consultation ) ! ,f$]al ,int]ag5cy ,c\ncil on ,social ,impact ,bonds1 may issue regulations z necess>y to c>ry out ?is subtitle4 #bjfa4 ,def9itions ,9 ?is subtitle3 7#a7 ,ag5cy ,! t]m ag5cy has ! mean+ giv5 t t]m 9 section #eea ( title #e1 ,unit$ ,/ates ,code4 7#b7 ,int]v5tion ,! t]m int]v5tion means a specific s]vice deliv]$ to a*ieve an impact ?r\gh a social impact bond project4 7#c7 ,secret>y ,! t]m ,secret>y means ! ,secret>y ( ! ,treasury4 7#d7 ,social impact bond project ,! t]m social impact bond project means a project t f9ances social s]vices us+ a social impact bond model4 7#e7 ,social impact bond model ,! t]m social impact bond model means a me?od ( f9anc+ social s]vices 9 :i*-- 7,a7 ,f$]al funds are aw>d$ to a ,/ate or local gov]nm5t only if a ,/ate or local gov]nm5t a*ieves c]ta9 outcomes agre$ ^u by ! ,/ate or local gov]nm5t & ! ,secret>y2 & 7,b7 ! ,/ate or local gov]nm5t coord9ates ) s]vice provid]s1 inve/ors 7if applicable to ! project71 & 7if necess>y7 an int]m$i>y to id5tify-- 7i7 an int]v5tion expect$ to produce ! outcome2 7ii7 a s]vice provid] to deliv] ! int]v5tion to ! t>get population2 & 7iii7 inve/ors to fund ! deliv]y ( ! int]v5tion4 7#f7 ,/ate ,! t]m ,/ate means ea* ,/ate ( ! ,unit$ ,/ates1 ! ,di/rict ( ,columbia1 ea* commonweal?1 t]ritory or possession ( ! ,unit$ ,/ates1 & ea* f$]ally recogniz$ ,indian tribe4 4