,,ii  #aad? ,,congress  #b;d ,session   
,s4 #cdeh  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,septemb] #bh1 #bjaf   
,mr4 ,he9ri* 7= himself & ,ms4 ,coll9s7 
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,heal?1 ,education1 ,labor1 & ,p5sions  
,a ,,bill  ,to e/abli% programs to      
improve family economic security by     
break+ ! cycle ( multig5]ational pov]ty1
 & = o!r purposes4  #a4 ,%ort title2    
table ( cont5ts  7a7 ,%ort title ,?is   
,act may be cit$ z ! ,two-,g5]ation     
,economic ,emp[]m5t ,act ( #bjaf4  7b7  
,table ( cont5ts ,! table ( cont5ts =   
?is ,act is z foll[s3 ,sec4 #a4 ,%ort   
title2 table ( cont5ts4 ,sec4 #b4       
,f9d+s2 purposes4 ,sec4 #c4 ,def9itions4
 ,,title ,i--,int]ag5cy ,c\ncil on      
,multig5]ational ,pov]ty ,sec4 #aja4    
,int]ag5cy ,c\ncil on ,multig5]ational  
,pov]ty4 ,sec4 #ajb4 ,in=mation display$
 on ,c\ncil website4 ,sec4 #ajc4 ,,gao  
,report4 ,sec4 #ajd4 ,au?orization (    
appropriations4 ,,title                 

,,ii--#b-;g5]ation programs ,sec4 #bja4 
,programs4 ,sec4 #bjb4 ,g5]al           
provisions4 ,,title ,,iii--,p]=mance    
p>tn]%ip pilot program ,sec4 #cja4      
,def9itions4 ,sec4 #cjb4 ,p]=mance      
p>tn]%ip pilots4 ,sec4 #cjc4 ,report+2  
evaluations4 ,sec4 #cjd4 ,applicability 
to exi/+ p]=mance p>tn]%ip pilots4      
,,title ,,iv--,social impact bonds pilot
 program ,sec4 #dja4 ,def9itions2       
purposes4 ,sec4 #djb4 ,social impact    
bond application4 ,sec4 #djc4 ,aw>d+    
social impact bond contracts4 ,sec4     
#djd4 ,feasibility /udy fund+4 ,sec4    
#dje4 ,evaluations4 ,sec4 #djf4 ,role ( 
,int]ag5cy ,c\ncil on ,multig5]ational  
,pov]ty4 ,sec4 #djg4 ,availability (    
in=mation relat$ to social impact bond  
projects4 ,sec4 #djh4 ,fund+4 ,sec4     
#dji4 ,community ,re9ve/m5t ,act4  #b4  
,f9d+s2 purposes  7a7 ,f9d+s ,congress  
f9ds ! foll[+3 7#a7 ,almo/ half1 or #dd 
p]c5t1 ( *ildr5 9 ! ,unit$ ,/ates are f 
l[-income families4  7#b7 ,individuals  
caught 9 multig5]ational pov]ty t5d to  

lack ! support ne$$ to move beyond      
day-to-day situations1 make long-t]m    
f9ancial plans1 & support ! community   
ar\nd !m4  7#c7 ,tw5ty-five p]c5t (     
*ildr5 9 ! ,unit$ ,/ates live 9 s+le-"m 
h\seholds1 & #hj p]c5t (                
,african-,am]ican or ,hispanic *ildr5 :o
 live 9 su* h\seholds are f l[-income   
families4  7#d7 ,_m ( ! s]vices & sy/ems
 t are int5d$ to help l[-income families
 are fragm5t$1 ) approa*es t address !  
ne$s ( p>5ts & *ildr5 sep>ately4 ,^!    
fragm5t$ approa*es (t5 leave ei!r ! p>5t
 or ! *ild beh9d & dim ! family's *ance 
at success4  7#e7 ,9 #bjji1 ! ,dep>tm5t 
( ,agriculture e/imat$ t #aa1ejj1jjj    
individuals 9 ! ,unit$ ,/ates are f     
l[-income families t reside m ?an #a    
mile f a sup]m>ket1 & #b1cjj1jjj ( su*  
individuals d n h access to a c>4  7#f7 
,heal?y communities h a v>iety (        
compon5ts1 includ+-- 7,a7 safe1         
su/a9able1 accessible1 & af=dable       
transportation options t enable--  7i7  
*ildr5 to commute to & f s*ool safely2 &

  7ii7 p>5ts to seek "w outside ( _!    
community2  7,b7 h\s+ t is af=dable1    
high-quality1 socially integrat$1 &     
location-effici5t2  7,c7 access to      
quality s*ools1 p>ks & o!r recreational 
facilities1 *ild c>e1 libr>ies1 f9ancial
 s]vices1 & o!r daily ne$s2 &  7,d7     
support = heal?y behavioral developm5t (
 *ildr5 & adolesc5ts4  7#g7 ,a          
successful #b-;g5]ation program w--     
7,a7 improve family economic security by
 creat+ opportunities =1 & address+ !   
ne$s (1 p>5ts & *ildr52  7,b7 break !   
cycle ( multig5]ational pov]ty2 &  7,c7 
fo/] & develop heal?y communities4  7#h7
 ,! return on inve/m5t 9 education =    
*ildr5 & _! p>5ts is high4 ,e>ly        
*ildhood education programs help *ildr5 
develop new skills & prep>e !m = grade  
s*ool4 ,a p>5t's level ( educational    
atta9m5t is ! be/ pr$ictor ( a *ild's   
success4 ,high] education op5s ! door to
 a /able c>e] ) a family-su/a9+ wage1   
provid+ opportunities = families to     
break ! cycle ( multig5]ational pov]ty4 

7#i7 ,social capital is a key success   
factor ( ! #b-;g5]ation approa* & builds
 on ! /r5g? & resili5ce ( families1     
bol/]+ ! aspirations p>5ts h = _! *ildr5
 & = !mselves4 ,family pov]ty is        
associat$ ) a weak] social network (    
support4 ,= individuals liv+ 9 c]ta9    
regions1 ! lack ( community developm5t  
contributes to a lack ( economic        
mobility & a lack ( multig5]ational     
success4  7#aj7 ,physical & m5tal heal? 
h a major impact on ! ability ( a family
 to ?rive4 ,!re is a well-docum5t$      
correlation betwe5 poor heal? & poor    
family f9ances1 ) poor heal? caus+ poor 
family f9ances & poor family f9ances    
caus+ poor heal?4 ,improv$ physical     
heal? & heal? behaviors are associat$ ) 
high] scores on /&>diz$ te/s4 ,!re is a 
l9k betwe5 mo!rs provid+ a high] level (
 emotional support & positive outcomes 9
 *ildr51 su* z *ildr5 demon/rat+ an     
improv$ social compet5ce & engagem5t 9  
s*ool+4 ,mean:ile1 social isolation (   
*ildr5 is associat$ ) a high] rate (    

abuse & neglect ( *ildr54  7b7 ,purpose 
,! purpose ( ?is ,act is to improve     
family economic security by break+ !    
cycle ( multig5]ational pov]ty1 includ+ 
?r\gh develop+ #b-;g5]ation programs t  
involve initiatives ( ! ,f$]al          
,gov]nm5t1 ,/ates1 local gov]nm5ts1 &   
tribal gov]nm5ts & initiatives ( !      
private sector4  #c4 ,def9itions ,9 ?is 
,act3 7#a7 #b-;g5]ation approa* ,! t]m  
#b-;g5]ation approa* means ! approa* to 
break+ ! cycle ( multig5]ational pov]ty 
by improv+ family economic security     
?r\gh ! implem5tation ( #b-;g5]ation    
programs t create opportunities =1 &    
address ! ne$s (1 p>5ts & *ildr5 toge!r4
  7#b7 #b-;g5]ation program ,! t]m      
#b-;g5]ation program means a pilot      
program e/abli%$ "u section #bja7;a74   
7#c7 ,ag5cy ,! t]m ag5cy has ! mean+    
giv5 su* t]m 9 section #eea ( title #e1 
,unit$ ,/ates ,code4  7#d7 ,c\ncil ag5cy
 ,! t]m ,c\ncil ag5cy means an ag5cy    
li/$ 9 any ( subp>agraphs 7,a7 ?r\gh    
7,m7 ( section #aja7;c77#a74  7#e7      

,discretion>y appropriations ,! t]m     
discretion>y appropriations has ! mean+ 
giv5 su* t]m 9 section #bej7;c7 ( !     
,balanc$ ,budget & ,em]g5cy ,deficit    
,control ,act ( #aihe 7#b ,u4,s4,c4     
#ijj7;c774  7#f7 ,in/itution ( high]    
education ,! t]m in/itution ( high]     
education has ! mean+ giv5 su* t]m 9    
section #aja7;a7 ( ! ,high] ,education  
,act ( #aife 7#bj ,u4,s4,c4 #ajja7;a774 
7#g7 ,int]v5tion ,! t]m int]v5tion means
 a specific s]vice deliv]$ to a*ieve an 
impact ?r\gh a social impact bond       
project "u title ,,iv4  7#h7            
,multig5]ational pov]ty ,! t]m          
multig5]ational pov]ty means p]vasive   
pov]ty transf]r$ f p>5ts to _! *ildr5   
?r\gh /ructural & sy/ematic factors4    
7#i7 ,s*ool read9ess ,! t]m s*ool       
read9ess means ! developm5t (-- 7,a7    
physical well-be+ & motor skills2  7,b7 
social & emotional skills2  7,c7        
approa*es to le>n+2  7,d7 language      
skills 7includ+ e>ly lit]acy72 &  7,e7  
cognition & g5]al k4  7#aj7 ,/ate ,! t]m

 ,/ate means ea* ( ! sev]al ,/ates ( !  
,unit$ ,/ates1 ! ,di/rict ( ,columbia1 &
 ea* commonweal? or t]ritory ( ! ,unit$ 
,/ates4  7#aa7 ,vuln]able population ,! 
t]m vuln]able population means a        
population consi/+ ( individuals :o1 z  
det]m9$ by ! applicable lead ag5cy      
designat$ "u section #bjb7;a7--  7,a7   
are economically disadvantag$2  7,b7 are
 racial or e?nic m9orities2  7,c7 are   
l[-income *ildr52  7,d7 are eld]ly2     
7,e7 are homeless2  7,f7 are individuals
 ) a disability1 z def9$ 9 section #c ( 
! ,am]icans ) ,disabilities ,act ( #aiij
 7#db ,u4,s4,c4 #abajb72  7,g7 are      
infect$ ) ! human immunodefici5cy virus 
7,,hiv72 or  7,h7 h any o!r *ronic heal?
 condition1 includ+ a sev]e m5tal       
illness4  ,i ,int]ag5cy ,c\ncil on      
,multig5]ational ,pov]ty  #aja4         
,int]ag5cy ,c\ncil on ,multig5erational 
,pov]ty  7a7 ,e/abli%m5t ,!re is        
e/abli%$ )9 ! ,f$]al ,gov]nm5t an       
int]ag5cy c\ncil to be kn[n z !         
,int]ag5cy ,c\ncil on ,multig5]ational  

,pov]ty 7ref]r$ to 9 ?is ,act z !       
,c\ncil7 to c>ry out ! objectives "u    
subsection 7b7 & ! #b-;g5]ation approa*1
 includ+ by provid+ guidance1 & address+
 que/ions p]ta9+1 to #b-;g5]ation       
programs & o!r programs engag+ 9 ef=ts  
to break ! cycle ( multig5]ational      
pov]ty4  7b7 ,objectives ,! objectives (
 ! ,c\ncil are ea* ( ! foll[+3 7#a7     
,e/abli% an ongo+ sy/em ( coord9ation   
among & )9 ag5cies or organizations     
relat$ to programs aim$ at break+ !     
cycle ( multig5]ational pov]ty4  7#b7   
,id5tify k gaps1 rese>* ne$s1 & policy &
 program defici5cies associat$ )        
multig5]ational pov]ty4  7#c7 ,id5tify  
be/ practices ( programs1 includ+ !     
#b-;g5]ation programs1 & me?odologies to
 break ! cycle ( multig5]ational pov]ty4
  7c7 ,memb]%ip  7#a7 ,composition ,!   
,c\ncil %all be compos$ ( at lea/ #a    
designee f ea* ( ! foll[+3 7,a7 ,!      
,(fice ( ,managem5t & ,budget4  7,b7 ,! 
,bureau ( ,indian ,affairs4  7,c7 ,!    
,dep>tm5t ( ,agriculture4  7,d7 ,!      

,dep>tm5t ( ,education4  7,e7 ,!        
,dep>tm5t ( ,heal? & ,human ,s]vices4   
7,f7 ,! ,dep>tm5t ( ,h\s+ & ,urban      
,developm5t4  7,g7 ,! ,dep>tm5t (       
,labor4  7,h7 ,! ,dep>tm5t (            
,transportation4  7,i7 ,! ,dep>tm5t ( ! 
,treasury4  7,j7 ,! ,dep>tm5t ( ,vet]ans
 ,affairs4  7,k7 ,! ,corporation =      
,national & ,community ,s]vice4  7,l7 ,!
 ,dome/ic ,policy ,c\ncil4  7,m7 ,!     
,national ,economic ,c\ncil4  7#b7      
,designation  7,a7 ,9 g5]al ,! head (   
ea* ,c\ncil ag5cy %all designate at lea/
 #a employee describ$ 9 subp>agraph 7,b7
 ( su* ag5cy to s]ve z a memb] ( !      
,c\ncil4  7,b7 ,responsibilities ,an    
employee describ$ 9 ?is subp>agraph %all
 be a s5ior employee ( ! ag5cy ^:       
responsibilities relate to policies1    
proc$ures1 & economics ) respect to     
family well-be+4  7#c7 ,*airp]son  7,a7 
,9 g5]al ,! ,*airp]son ( ! ,c\ncil      
7ref]r$ to 9 ?is section z ! ,*airp]son7
 %all be a designee "u p>agraph         
7#a77;,e71 z select$ by ! ,c\ncil if !re

 is m ?an #a su* designee4  7,b7        
,initiat+ guidance ,! ,*airp]son1 on    
behalf ( ! ,c\ncil1 %all id5tify &      
invite individuals f div]se entities1   
includ+ advocates1 individuals f        
nonpr(it organizations1 small bus9esses1
 & philan?ropic organizations1 &        
rese>*]s f in/itutions ( high]          
education1 to provide ! ,c\ncil ) advice
 & k p]ta9+ to address+ multig5]ational 
pov]ty4  7d7 ,duties  7#a7 ,/rategic    
plan to end & prev5t multig5]ational    
pov]ty ,n lat] ?an #a ye> aft] ! date ( 
enactm5t ( ?is ,act1 ! ,c\ncil %all     
develop1 make available = public comm5t1
 & submit to ! ,presid5t & ,congress1 a 
/rategic plan to end & prev5t           
multig5]ational pov]ty t includes       
activities "u ! #b-;g5]ation approa* &  
o!r activities consi/5t ) ! objectives  
"u subsection 7b74 ,! ,c\ncil %all      
update su* plan annually4  7#b7         
,implem5t+ & advis+ #b-;g5]ation        
programs ,! ,c\ncil %all e/abli%        
proc$ures = implem5t+ ! #b-;g5]ation    

approa* t consi/ (--  7,a7 coord9at+ !  
ef=ts ( ea* #b-;g5]ation program2  7,b7 
advis+ & assi/+ relevant ag5cies 9 !    
developm5t & implem5tation ( ea* su*    
program2  7,c7 advis+ relevant ag5cies  
on specific programmatic & policy matt]s
 relat$ to ea* su* program2  7,d7       
provid+ relevant subject matt] exp]tise 
to ea* lead ag5cy designat$ "u section  
#bjb7;a72 &  7,e7 id5tify+ & address+   
issues t may influ5ce ! future ( ea*    
#b-;g5]ation program4  7#c7 ,reports to 
,congress  7,a7 ,annual reports ,n lat] 
?an #a ye> aft] ! date ( enactm5t ( ?is 
,act1 & annually !reaft]1 ! ,c\ncil %all
 prep>e & submit to ,congress a report t
 includes--  7i7 in=mation on ! progress
 & results ( ea* #b-;g5]ation program 9 
a*iev+ ! appropriate quantitative levels
 = ! outcomes describ$ 9 section        
#bja7;b7 t ea* program is design$ to    
a*ieve2 &  7ii7 in=mation on any issue  
conc]n+ ea* su* program & recomm5dations
 to address ea* su* issue4  7,b7        
,biannual reports ,n lat] ?an #a ye>    

aft] ! date ( enactm5t ( ?is ,act1 & e  
#b ye>s !reaft]1 ! ,c\ncil %all prep>e &
 submit to ,congress a report t         
includes--  7i7 in=mation on ! ov]all   
progress ( ! ,c\ncil 9 end+ & prev5t+   
multig5]ational pov]ty2 &  7ii7         
legislative policy recomm5dations1      
includ+ address+ any ne$s = great]      
legislative au?ority to meet !          
objectives ( ?is ,act4  7#d7 ,available 
fund+ ,n lat] ?an #ij days aft] ! date (
 enactm5t ( ?is ,act1 ea* ,c\ncil ag5cy 
%all id5tify1 prep>e1 & submit to !     
,*airp]son a li/ ( fund+ s\rces t c\ld  
support #b-;g5]ation programs 9 a*iev+ !
 appropriate quantitative levels = !    
outcomes describ$ 9 section #bja7;b7 t  
ea* program is design$ to a*ieve4  #ajb4
 ,in=mation display$ on ,c\ncil website 
7a7 ,9 g5]al ,! ,c\ncil %all ensure t ! 
in=mation li/$ 9 subsection 7b7 is made 
available to ! public & display$ on !   
(ficial website ( ! ,c\ncil4  7b7       
,in=mation ,! in=mation li/$ 9 ?is      
subsection is ea* ( ! foll[+3 7#a7 ,!   

national /rategic plan to end & prev5t  
multig5]ational pov]ty requir$ "u       
section #aja7;d77#a74  7#b7 ,in=mation  
on ! #b-;g5]ation programs1 includ+--   
7,a7 ! outcomes describ$ 9 section      
#bja7;b7 t ea* program is design$ to    
a*ieve1 & ! appropriate quantitative    
levels = a*iev+ su* outcomes2  7,b7     
national p>tn]s consi/+ ( private &     
gov]nm5t entities p>ticipat+ 9 7or      
int]e/$ 9 p>ticipat+ 971 includ+ by     
fund+1 a #b-;g5]ation program2  7,c7 a  
description ( ! #b-;g5]ation program    
describ$ 9 title ,,iii1 includ+ detail$ 
in=mation on ! p]=mance p>tn]%ip pilots 
approv$ "u section #cjb7;a71 !          
discretion>y appropriations us$ to c>ry 
out su* program1 & any waiv]s receiv$ "u
 section #bjb7;d7 = su* program1 includ+
 in=mation specify+ ! waiv]s us$ = ea*  
su* pilot2 &  7,d7 a description ( !    
#b-;g5]ation program describ$ 9 title   
,,iv1 includ+ ! in=mation describ$ 9    
section #djg4  7#c7 ,ea* report1 includ+
 ! data conta9$ 9 ea* su* report1 t--   

7,a7 ! ,c\ncil submits to ,congress "u  
section #aja7;d77#c72  7,b7 !           
,comptroll] ,g5]al ( ! ,unit$ ,/ates    
submits "u section #ajc or #cjc7;c72 &  
7,c7 is submitt$ to ! ,c\ncil "u section
 #cjc7;d7 or subsection 7d7 or 7e7 (    
section #dje4  7#d7 ,in=mation describ+ 
! be/ practices 7z det]m9$ by ! ,c\ncil7
 ( ! #b-;g5]ation programs1 & o!r       
programs engag+ 9 ef=ts to break ! cycle
 ( multig5]ational pov]ty1 to enable    
int]e/$ entities to emulate su* be/     
practices 9 any ef=ts to end or prev5t  
multig5]ational pov]ty4  #ajc4 ,,gao    
,report  7a7 ,9 g5]al ,n lat] ?an #a ye>
 aft] ! date ( enactm5t ( ?is ,act1 !   
,comptroll] ,g5]al ( ! ,unit$ ,/ates    
%all conduct a /udy1 & submit a report  
to ,congress & ! ,int]ag5cy ,c\ncil on  
,multig5]ational ,pov]ty1 on ,f$]al     
block grants "u ! jurisdiction ( c\ncil 
p>ticipants to id5tify b>ri]s &         
opportunities = collaboration 9 ord] to 
c>ry out ! #b-;g5]ation approa*4  7b7   
,cont5ts ,! /udy & report "u subsection 

7a7 %all-- 7#a7 id5tify block grants t  
c\ld be us$ = ! #b-;g5]ation approa* &  
:e!r waiv] ( any fund+ re/riction or    
requirem5t 9 p>ticul> w\ld facilitate ! 
#b-;g5]ation approa* )\t compromis+ !   
policy goals ( ^? block grants2  7#b7   
id5tify opportunities & b>ri]s =        
collaboration among block-grant         
recipi5ts2 &  7#c7 exam9e any           
duplications ( report+ or applications z
 a result ( su* collaboration4  #ajd4   
,au?orization ( appropriations ,!re are 
au?oriz$ to be appropriat$ = ea* (      
fiscal ye>s #bjag ?r\gh #bjbb su* sums z
 may be necess>y to c>ry out ?is title4 
,,ii #b-;g5]ation programs  #bja4       
,programs  7a7 ,9 g5]al ,! ,c\ncil %all 
e/abli%1 z #b-;g5]ation programs1 ea* ( 
! foll[+3 7#a7 ,! #b-;g5]ation p]=mance 
p>tn]%ip pilot program describ$ 9 title 
,,iii4  7#b7 ,! #b-;g5]ation social     
impact bonds pilot program describ$ 9   
title ,,iv4  7b7 ,outcome measures  7#a7
 ,e/abli%m5t ,! ,c\ncil %all e/abli%    
cle>ly def9$ outcome measures = ea*     

#b-;g5]ation program t include !        
outcomes describ$ 9 p>agraphs 7#b7 &    
7#c7 t ea* program is design$ to a*ieve 
& ! appropriate quantitative levels =   
a*iev+ su* outcomes4  7#b7 ,prim>y      
outcomes ,ea* #b-;g5]ation program %all 
be design$ to a*ieve prim>y outcomes    
consi/+ (--  7,a7 improv$ academic      
a*ievem5t ( *ildr5 & increas$ e>n+      
pot5tial ( p>5ts1 includ+ enhanc$--  7i7
 s*ool read9ess ( *ildr5 f bir? ?r\gh   
age #e2 &  7ii7 educational atta9m5t (  
p>5ts2 &  7,b7 two or m ( ! foll[+      
outcomes3 7i7 ,improv$ f9ancial /ability
 ( families1 includ+ increas$ f9ancial  
capability (1 & sav+s =1 p>5ts & *ildr51
 a*iev$ ?r\gh increas$ e>n+ pot5tial &  
enhanc$ f9ancial decisionmak+ skills (  
p>5ts & *ildr54  7ii7 ,increas$ access =
 p>5ts & *ildr5 to programs t fo/]      
heal?y p>5t-*ild relation%ips4  7iii7   
,increas$ opportunities = all family    
memb]s to p>ticipate 9 programs t       
address ! m5tal heal? ne$s ( p>5ts &    
*ildr54  7iv7 ,improv$ education ( p>5ts

 & *ildr5 on obesity prev5tion &        
nutrition1 & a subsequ5t r$uction 9     
rates ( obesity & relat$ diseases among 
p>5ts & *ildr54  7v7 ,improv$ mat]nal & 
*ild heal?1 includ+ social & emotional  
heal? & developm5t ( mo!rs & *ildr54    
7#c7 ,co/-effective outcomes ,9 a*iev+ !
 prim>y outcomes describ$ 9 p>agraph    
7#b71 ea* #b-;g5]ation program %all make
 bett] use ( budget>y res\rces to seek  
enhanc$ outcomes t are co/-effective =  
regions1 communities1 or vuln]able      
populations4  #bjb4 ,g5]al provisions   
7a7 ,lead ag5cies  ,! ,director ( !     
,(fice ( ,managem5t & ,budget %all1 9   
collaboration ) ! ,c\ncil--  7#a7       
designate a lead ag5cy f among ! ,c\ncil
 ag5cies = ! purpose ( c>ry+ out !      
#b-;g5]ation program describ$ 9 title   
,,iii2 &  7#b7 designate a lead ag5cy f 
among ! ,c\ncil ag5cies = ! purpose (   
c>ry+ out ! #b-;g5]ation program        
describ$ 9 title ,,iv4  7b7 ,ag5cy head 
det]m9ations  7#a7 ,9 g5]al ,a ,c\ncil  
ag5cy may p>ticipate 7directly or by    

provid+ discretion>y appropriations t h 
be5 appropriat$ to su* ag5cy7 9 !       
#b-;g5]ation program describ$ 9 title   
,,iii only ^u provid+ a writt5          
det]m9ation by ! head ( su* ag5cy to !  
lead ag5cy designat$ "u subsection      
7a77#a7 t1 bas$ on ! be/ available      
in=mation1 transf]r+ res\rces to        
p>ticipate 9 su* program w n--  7,a7    
result 9 su* ag5cy r$uc+ any s]vices    
7fund$ 9 :ole or 9 "p by ! discretion>y 
appropriations ( su* ag5cy7 t su* ag5cy 
provid$ prior to p>ticipat+ 9 !         
#b-;g5]ation program2 &  7,b7 o!rwise   
adv]sely affect vuln]able populations t 
are recipi5ts ( su* s]vices4  7#b7      
,consid]ation ,9 mak+ ! det]m9ation "u  
p>agraph 7#a71 ! head ( ! ,c\ncil ag5cy 
may take into consid]ation !            
discretion>y appropriations t w be us$ 9
 ! #b-;g5]ation program4  7c7 ,transf]  
au?ority  7#a7 #b-;g5]ation acc\nt ,!   
lead ag5cy designat$ "u subsection      
7a77#a7 may e/abli% an acc\nt = !       
purpose ( c>ry+ out ! #b-;g5]ation      

program describ$ 9 title ,,iii1 all[+   
multiple ,c\ncil ag5cies p>ticipat+ 9 ! 
#b-;g5]ation program to comb9e          
discretion>y appropriations = ! purpose 
( c>ry+ out ! #b-;g5]ation program4     
7#b7 ,transf]s ,subject to ! writt5     
approval ( ! ,director ( ! ,(fice (     
,managem5t & ,budget & p>agraph 7#d71 ! 
head ( ea* ,c\ncil ag5cy p>ticipat+ 9 ! 
#b-;g5]ation program describ$ 9 title   
,,iii may transf] discretion>y          
appropriations ( ! ag5cy to ! acc\nt    
e/abli%$ "u p>agraph 7#a71 to be us$ =  
su* #b-;g5]ation program4  7#c7         
,availability  7,a7 ,purposes ,subject  
to ! waiv] au?ority "u subsection 7d71 !
 discretion>y appropriations transf]r$  
"u p>agraph 7#b7 %all rema9 available = 
! same purposes = :i* ! appropriations 7
 orig9ally appropriat$4  7,b7           
,obligation by ! ,f$]al ,gov]nm5t ,!    
discretion>y appropriations transf]r$ "u
 p>agraph 7#b7 %all rema9 available =   
obligation by ! ,f$]al ,gov]nm5t = !    
p]iod = :i* su* appropriations 7 p]mitt$

 to rema9 available1 z ( ! day be=e !   
date ( ! transf]4  7#d7 ,notice         
requirem5t ,n lat] ?an #cj days prior to
 transf]r+ any discretion>y             
appropriations "u p>agraph 7#b71 ! head 
( ! ,c\ncil ag5cy transf]r+ !           
appropriations %all provide writt5      
notice ( ! transf] to ! ,committee on   
,appropriations ( ! ,h\se (             
,repres5tatives1 ! ,committee on        
,appropriations ( ! ,s5ate1 & o!r       
appropriate committees ( ,congress4  7d7
 ,waiv] au?ority  7#a7 ,9 g5]al ,to     
r$uce adm9i/rative burd5s 7includ+      
application & report+ requirem5ts7 &    
subject to o!r provisions ( ?is ,act 7b 
not)/&+ subsection 7c77#c77;,a771 ! head
 ( a ,c\ncil ag5cy p>ticipat+ 9 !       
#b-;g5]ation program describ$ 9 title   
,,iii may waive 79 :ole or 9 "p7 !      
application1 solely ) respect to        
discretion>y appropriations us$ 9 su*   
#b-;g5]ation program1 ( any /atutory1   
regulatory1 or adm9i/rative requirem5t t
 su* ag5cy head--  7,a7 is au?oriz$ to  

waive 79 accordance ) ! t]ms &          
conditions ( ! ,f$]al law au?oriz+ su*  
appropriations72 or  7,b7 w\ld n o!rwise
 be au?oriz$ to waive1 b = ! application
 ( ?is subsection4  7#b7 ,limitations   
7,a7 ,9 g5]al ,an ag5cy head describ$ 9 
p>agraph 7#a7 %all n waive any          
requirem5t relat$ to nondiscrim9ation1  
wage & labor /&>ds1 or allocation (     
funds to ,/ate or sub-,/ate levels4     
7,b7 ,requirem5ts ,= ! waiv] ( any      
/atutory1 regulatory1 or adm9i/rative   
requirem5t describ$ 9 p>agraph          
7#a77;,b71 an ag5cy head describ$ 9     
p>agraph 7#a7 %all--  7i7 prior to      
grant+ ! waiv]1 submit to ! lead ag5cy  
designat$ "u subsection 7a77#a7 a writt5
 det]m9ation1 ) respect to !            
discretion>y appropriations describ$ 9  
p>agraph 7#a71 t ! grant+ ( su* waiv] = 
purposes ( ! #b-;g5]ation program       
describ$ 9 title ,,iii--  7,i7 is       
consi/5t ) ! /atutory purposes ( !      
,f$]al program = :i* su* discretion>y   
appropriations 7 appropriat$ & ! o!r    

provisions ( ?is section1 z well z !    
writt5 det]m9ation by su* ag5cy head "u 
subsection 7b77#a72  7,,ii7 is necess>y 
to a*ieve ! appropriate quantitative    
levels = ! outcomes describ$ 9 section  
#bja7;b7 t ! program is design$ to      
a*ieve1 & is no broad] 9 scope ?an is   
necess>y to a*ieve su* levels2 &        
7,,iii7 w result 9-- 7aa7 realiz+       
effici5cies by simplify+ report+ burd5s 
or r$uc+ adm9i/rative b>ri]s ) respect  
to su* discretion>y appropriations2 or  
7bb7 increas+ ! ability ( individuals to
 obta9 access to s]vices t are provid$  
?r\gh su* discretion>y appropriations2 &
  7ii7 provide at lea/ #fj days (       
advance writt5 notice to ! ,committee on
 ,appropriations ( ! ,h\se (            
,repres5tatives1 ! ,committee on        
,appropriations ( ! ,s5ate1 & o!r       
appropriate committees ( ,congress4  7e7
 ,prohibit$ use ( assessm5t = "y *ildr5 
,to p>ticipate 9 a #b-;g5]ation program 
describ$ 9 title ,,iii or ,,iv1 an      
entity %all provide an assurance t !    

entity w n assess ! a*ievem5t ( *ildr5 f
 bir? ?r\gh grade #b1 or programs       
provid+ s]vices to su* *ildr51 by engag+
 9 activities t include--  7#a7 assess+ 
su* *ildr5 or programs 9 a mann] t      
provides or leads to any rew>d or       
sanction = any individual *ild1 tea*]1  
e>ly *ildhood education program1 z def9$
 9 section #ajc ( ! ,high] ,education   
,act ( #aife 7#bj ,u4,s4,c4 #ajjc71 or  
s*ool2  7#b7 us+ a s+le me?od = assess+ 
! effectiv5ess ( a program s]v+ su*     
*ildr5 z ! prim>y or only me?od =       
assess+ su* program2 or  7#c7 evaluat+  
su* *ildr5 = any purpose o!r ?an to--   
7,a7 improve in/ruction or classroom    
environm5t2  7,b7 t>get high-quality1   
evid5ce-bas$ pr(essional developm5t2    
7,c7 det]m9e ! ne$ = heal? 7includ+     
m5tal heal?71 disability1 or family     
support s]vices2  7,d7 in=m ! quality   
improvem5t process = su* programs at !  
,/ate level2  7,e7 evaluate su* a       
program = ! purposes ( program          
improvem5t & provid+ in=mation to !     

p>5ts ( *ildr5 p>ticipat+ 9 su* program2
 or  7,f7 provide rese>* conduct$ z "p (
 a national evaluation4  ,,iii ,p]=mance
 p>tn]%ip pilot program  #cja4          
,def9itions ,9 ?is title3  7#a7 ,lead   
ag5cy ,! t]m lead ag5cy means ! lead    
ag5cy designat$ "u section #bjb7;a77#a74
  7#b7 ,p]=mance p>tn]%ip pilot ,! t]m  
p]=mance p>tn]%ip pilot means a project 
t--  7,a7 seeks to id5tify1 ?r\gh a     
demon/ration1 co/-effective /rategies = 
provid+ s]vices at ! ,/ate1 regional1 or
 local level2  7,b7 involves two or m   
,f$]al programs 7adm9i/]$ by "o or m    
,f$]al ag5cies7-- 7i7 ) relat$ policy   
goals2 &  7ii7 at lea/ "o ( :i* is      
adm9i/]$ 79 :ole or 9 "p7 by a ,/ate1   
local gov]nm5t1 or tribal gov]nm5t2     
7,c7 c>ries out ! #b-;g5]ation approa*  
by a*iev+ ! outcomes describ$ 9 section 
#bja7;b71 includ+ mak+ bett] use (      
budget>y res\rces to seek enhanc$       
outcomes t are co/-effective = regions1 
communities1 or vuln]able populations2 &
  7,d7 consi/5t ) ?is title1 all[s-- 7i7

 an entity p>ticipat+ 9 ! project to    
comb9e multiple s\rces ( fund+ acquir$  
by ! entity2 &  7ii7 multiple entities  
p>ticipat+ 9 ! project to comb9e s\rces 
( fund+ acquir$ by ! entities4  #cjb4   
,p]=mance p>tn]%ip pilots  7a7 ,approval
 ( pilots  ,9 accordance ) title ,,ii & 
?is title1 ! lead ag5cy %all approve n m
 ?an #e p]=mance p>tn]%ip pilots "u !   
program describ$ 9 ?is title1 by ent]+  
into p]=mance p>tn]%ip agreem5ts "u     
subsection 7c74  7b7 ,use ( discretion>y
 appropriations ,subject to section #bjb
 & subsections 7a7 & 7c71 a ,c\ncil     
ag5cy may use discretion>y              
appropriations appropriat$ to su* ag5cy 
to p>ticipate 9 "o or m ( ! approv$     
p]=mance p>tn]%ip pilots4  7c7 ,p]=mance
 p>tn]%ip agreem5ts  7#a7 ,9 g5]al ,a   
,c\ncil ag5cy may use discretion>y      
appropriations to p>ticipate 9 a        
p]=mance p>tn]%ip pilot only 9          
accordance ) ! t]ms ( a p]=mance        
p>tn]%ip agreem5t1 describ$ 9 p>agraph  
7#c71 t is ent]$ into betwe5--  7,a7    

subject to p>agraph 7#b71 ! lead ag5cy  
on behalf ( ea* ,c\ncil ag5cy p>ticipat+
 9 su* pilot2 &  7,b7 a repres5tative ( 
ea* ,/ate1 local gov]nm5t1 or tribal    
gov]nm5t t has appli$ = p>ticipation 9  
su* pilot1 9 accordance ) application   
proc$ures e/abli%$ by ! lead ag5cy4     
7#b7 ,limitation ,! lead ag5cy may only 
ent] into an agreem5t "u p>agraph 7#a7  
^u receiv+1 f ! head ( ea* ,c\ncil ag5cy
 to be p>ticipat+ 9 su* pilot1 a writt5 
concurr5ce to ent] into su* agreem5t1   
includ+ an agreem5t t su* ,c\ncil ag5cy 
w comply ) all requirem5ts "u ?is ,act =
 p>ticipat+ 9 su* pilot4  7#c7 ,t]ms ( !
 agreem5t ,a p]=mance p>tn]%ip agreem5t 
ent]$ into "u p>agraph 7#a7 %all        
specify1 at a m9imum1 ea* ( ! foll[+3   
7,a7 ,! l5g? ( su* agreem5t1 :i* %all   
end n lat] ?an #e fiscal ye>s aft] !    
date ( enactm5t ( ?is ,act4  7,b7 ,!    
,f$]al programs & f$]ally fund$ s]vices 
t are involv$ 9 su* pilot4  7,c7 ,!     
discretion>y appropriations t are be+   
us$ 9 ! p]=mance p>tn]%ip pilot 7by !   

respective ,f$]al acc\nt id5tifi]1 & !  
total am\nt f su* acc\nt t is be+ us$ 9 
su* pilot71 & ! p]iod ( availability =  
obligation by ! ,f$]al ,gov]nm5t ( su*  
funds4  7,d7 ,! non-,f$]al funds t are  
be+ us$ 9 su* pilot1 by s\rce 7:i* may  
include private funds & gov]nm5tal      
funds7 & by am\nt4  7,e7 ,! ,/ate1      
local1 or tribal programs t are involv$ 
9 su* pilot4  7,f7 ,! populations to be 
s]v$ by su* pilot4  7,g7 ,!             
co/-effective ,f$]al ov]sight proc$ures 
t w be us$ = ! purpose ( ma9ta9+ !      
necess>y level ( acc\ntability = ! use (
 ! discretion>y appropriations 9 su*    
pilot4  7,h7 ,! co/-effective ,/ate1    
local1 or tribal ov]sight proc$ures t w 
be us$ = ! purpose ( ma9ta9+ ! necess>y 
level ( acc\ntability = ! use ( !       
discretion>y appropriations 9 su* pilot4
  7,i7 ,! outcomes describ$ 9 section   
#bja7;b7 t su* pilot is design$ to      
a*ieve & ! appropriate quantitative     
levels = a*iev+ su* outcomes4  7,j7 ,!  
appropriate1 reliable1 & objective      

outcome-measurem5t me?odology t w be us$
 9 c>ry+ out su* pilot1 to det]m9e !    
success ( su* pilot 9 a*iev+ any        
outcome1 & ! appropriate quantitative   
level = a*iev+ su* outcome1 specifi$ "u 
subp>agraph 7,i74  7,k7 ,any /atutory1  
regulatory1 or adm9i/rative requirem5ts 
relat$ to a ,f$]al m&atory program t are
 b>ri]s to a*iev+ any outcome or level  
specifi$ "u subp>agraph 7,i74  7,l7 ,9 a
 case 9 :i*1 dur+ ! c\rse ( su* pilot1 x
 is det]m9$ t ! pilot is n a*iev+ !     
appropriate quantitative levels = !     
outcomes specifi$ "u subp>agraph 7,i7-- 
7i7 any consequ5ce t w result f !       
failure to a*ieve su* levels1 ) respect 
to ! discretion>y appropriations t are  
be+ us$ 9 su* pilot2 &  7ii7 !          
corrective actions t w be tak5 to       
increase ! likelihood t su* pilot1 ^u   
completion1 w h a*iev$ su* levels4      
#cjc4 ,report+2 evaluations  7a7 ,/ate1 
local gov]nm5t1 or tribal gov]nm5t      
reports  7#a7 ,9 g5]al ,n lat] ?an #ij  
days aft] ! fir/ day ( ea* fiscal ye>1 a

 ,/ate1 local gov]nm5t1 or tribal       
gov]nm5t p>ticipat+ 79 :ole or 9 "p7 9 a
 p]=mance p>tn]%ip pilot %all submit a  
report to ! lead ag5cy4  7#b7 ,cont5ts  
,! report "u p>agraph 7#a7 %all include 
in=mation on-- 7,a7 ! progress ( su*    
p]=mance p>tn]%ip pilot 9 a*iev+ !      
appropriate quantitative levels = !     
outcomes ! pilot is design$ to a*ieve "u
 section #cjb7;c77#c77;,i71 includ+ data
 support+ su* progress2 &  7,b7 !       
discretion>y appropriations1 & any o!r  
funds1 us$ to c>ry out su* p]=mance     
p>tn]%ip pilot4  7b7 ,c\ncil ag5cy      
reports ,n lat] ?an #abj days aft] !    
fir/ day ( ea* fiscal ye>1 ea* ,c\ncil  
ag5cy p>ticipat+ 9 a p]=mance p>tn]%ip  
pilot %all submit a report to ! lead    
ag5cy 9 su* mann] & conta9+ su*         
in=mation ab\t ! p]=mance p>tn]%ip pilot
 z ! lead ag5cy may require4  7c7       
,evaluation by ,comptroll] ,g5]al  7#a7 
,9 g5]al ,! ,comptroll] ,g5]al ( !      
,unit$ ,/ates %all conduct an evaluation
 ( ! #b-;g5]ation program describ$ 9 ?is

 title1 :i* %all include in=mation      
describ+--  7,a7 ! crit]ia us$ by ! lead
 ag5cy to approve p]=mance p>tn]%ip     
pilots2  7,b7 ! ,/ates1 local gov]nm5ts1
 & tribal gov]nm5ts t p>ticipat$ 9 any  
p]=mance p>tn]%ip pilot2  7,c7 h[ ea*   
su* ,/ate1 local gov]nm5t1 & tribal     
gov]nm5t us$ funds receiv$ "u su*       
p]=mance p>tn]%ip pilot2 &  7,d7 !      
success ( ea* p]=mance p>tn]%ip pilot 9 
a*iev+ ! appropriate quantitative levels
 = ! outcomes ! pilot is design$ to     
a*ieve "u section #cjb7;c77#c77;,i74    
7#b7 ,submission ,n lat] ?an #ij days   
aft] ! fir/ day ( ea* fiscal ye>1 !     
,comptroll] ,g5]al ( ! ,unit$ ,/ates    
%all submit a report conta9+ !          
evaluation conduct$ "u p>agraph 7#a7 to 
! lead ag5cy & ! ,c\ncil4  7d7 ,lead    
ag5cy report to ! ,c\ncil ,n lat] ?an   
#ahj days aft] ! fir/ day ( ea* fiscal  
ye>1 ! lead ag5cy %all submit a report  
to ! ,c\ncil t evaluates ! in=mation    
provid$ 9 ! reports "u subsections 7a71 
7b71 & 7c74  #cjd4 ,applicability to    

exi/+ p]=mance p>tn]%ip pilots ,no?+ 9  
?is ,act %all be con/ru$ to apply to any
 p]=mance p>tn]%ip pilot au?oriz$ "u    
section #ebf ( ! ,dep>tm5ts ( ,labor1   
,heal? & ,human ,s]vices1 & ,education1 
& ,relat$ ,ag5cies ,appropriations ,act1
 #bjad 7,public ,law #aac-gf71 section  
#ebd ( ! ,dep>tm5ts ( ,labor1 ,heal? &  
,human ,s]vices1 & ,education1 & ,relat$
 ,ag5cies ,appropriations ,act1 #bjae   
7,public ,law #aac-bce71 or section #ebe
 ( ! ,dep>tm5ts ( ,labor1 ,heal? &      
,human ,s]vices1 & ,education1 & ,relat$
 ,ag5cies ,appropriations ,act1 #bjaf   
7,public ,law #aad-aac74  ,,iv ,social  
impact bonds pilot program  #dja4       
,def9itions2 purposes  7a7 ,def9itions (
 social impact bond model & social      
impact bond project  7#a7 ,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 su* ,/ate or local gov]nm5t a*ieves  
appropriate quantitative levels = c]ta9 

outcomes agre$ ^u by ! ,/ate or local   
gov]nm5t & ! lead ag5cy designat$ "u    
section #bjb7;a77#b72 &  7,b7 ! ,/ate or
 local gov]nm5t collaborates ) 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 su* a*ievem5t on appropriate 
quantitative levels2  7ii7 a s]vice     
provid] to deliv] ! int]v5tion to !     
t>get population2 &  7iii7 if           
applicable1 inve/ors to assi/ 9 fund+ ! 
deliv]y ( ! int]v5tion4  7#b7 ,social   
impact bond project ,! t]m social impact
 bond project means a project t f9ances 
social s]vices us+ a social impact bond 
model4  7b7 ,purposes ,! purposes ( ?is 
title are ! foll[+3 7#a7 ,to r$uce      
pov]ty among p>5ts & *ildr54  7#b7 ,to  
improve ! lives ( families & individuals
 9 ne$ 9 ! ,unit$ ,/ates by fund+ social
 programs t a*ieve real results4  7#c7  
,to ensure ,f$]al funds are us$         
effectively on social s]vices to produce
 positive outcomes = bo? s]vice         

recipi5ts & taxpay]s4  7#d7 ,to e/abli% 
programs t less5 ! pov]ty burd5 families
 face 9 ! %ort-t]m :ile fo/]+           
opportunities = families to a*ieve      
long-t]m success4  7#e7 ,to e/abli% !   
use ( social impact bonds to address "s 
( our ,nation's mo/ press+ problems4    
7#f7 ,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     
nonpr(its1 *>itable organizations1 &    
local gov]nm5ts across ! c\ntry4  7#g7  
,to br+ pay-=-p]=mance to ! social      
sector1 all[+ ! ,unit$ ,/ates to improve
 ! impact & effectiv5ess ( vital social 
programs4  #djb4 ,social impact bond    
application  7a7 ,notice ,n lat] ?an #a 
ye> aft] ! date ( ! enactm5t ( ?is ,act1
 ! ag5cy designat$ by ! ,c\ncil "u      
section #bjb7;a77#b7 7ref]r$ to 9 ?is   
title z ! lead ag5cy71 9 consultation ) 
! ,c\ncil1 %all publi% 9 ! ,f$]al       

,regi/] a notice t ! lead ag5cy is seek+
 proposals f ,/ates or local gov]nm5ts =
 social impact bond projects 9          
accordance ) ?is section4  7b7          
,requirem5ts = social impact bond       
projects ,to qualify z a social impact  
bond project "u ?is title1 ! s]vices    
provid$ by ! ,/ate or local gov]nm5t    
?r\gh ! project mu/--  7#a7 produce     
social b5efits & ,f$]al sav+s by a*iev+ 
outcomes "u section #bja7;b7 at !       
appropriate quantitative levels2 &  7#b7
 supplem5t & n supplant any s]vices     
provid$ by ! ,/ate or local gov]nm5t    
prior to ! comm5cem5t ( ! project4  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$ outcome4  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  7#bc7 ,an assurance t !  
s]vices provid$ by ! ,/ate or local     
gov]nm5t ?r\gh ! project w supplem5t & n
 supplant any s]vices provid$ by ! ,/ate
 or local gov]nm5t prior to ! comm5cem5t
 ( ! 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$i>y w\ld monitor program success1 
includ+ a description ( ! int]im b5*m>ks
 & outcome measures4  #djc4 ,aw>d+      
social impact bond contracts  7a7       
,timel9e 9 aw>d+ contract ,n lat] ?an #f
 mon?s aft] receiv+ an application 9    
accordance ) section #djb1 ! lead ag5cy 
%all det]m9e :e!r to ent] into a        
contract = a social impact bond project 
) a ,/ate or local gov]nm5t4  7b7       
,consid]ations 9 ,aw>d+ ,contract ,9    
det]m9+ :e!r to ent] into a contract = a
 social impact bond project 7!          
application = :i* 0 submitt$ "u section 
#djb7 ! lead ag5cy1 9 consultation ) !  
,c\ncil & ! 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 met  
at ! appropriate quantitative levels4   
7#b7 ,! ability ( ! ,/ate or local      
gov]nm5t 9 collaboration ) ! int]m$i>y &

 ! s]vice provid]s to a*ieve ! outcomes 
at ! appropriate quantitative levels4   
7#c7 ,! sav+s to ! ,f$]al ,gov]nm5t if !
 outcomes specifi$ 9 ! contract are met 
at ! appropriate quantitative levels4   
7#d7 ,! sav+s to ! ,/ate & local        
gov]nm5ts if ! outcomes specifi$ 9 !    
contract are met at ! appropriate       
quantitative levels4  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
 ! lead ag5cy1 9 consultation ) !       
,c\ncil & ! 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 ! lead ag5cy det]m9es 
t ea* ( ! foll[+ requirem5ts are met3   
7,a7 ,! ,/ate or local gov]nm5t agrees  
to a*ieve an outcome specifi$ 9 !       
contract at ! appropriate quantitative  
level 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$]al ,gov]nm5t ov] a p]iod n to exce$
 #ae ye>s1 z det]m9$ by ! lead ag5cy1 9 
consultation ) ! ,/ate or local         
gov]nm5t4  7,c7 ,! duration ( ! project 
does n exce$ #ae ye>s1 unless ! lead    
ag5cy grants an ext5sion pursuant to    
p>agraph 7#c77;,b74  7,d7 ,! ,/ate or   
local gov]nm5t has demon/rat$1 ?r\gh !  
application submitt$ "u section #djb1 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 ! contract
 at ! appropriate quantitative level4   
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 ,!
 lead ag5cy %all pay ! ,/ate or local   
gov]nm5t only if ! indep5d5t evaluator  
describ$ 9 section #dje det]m9es t !    
social impact bond project has met !    
requirem5ts specifi$ 9 ! contract &     
a*iev$ an outcome specifi$ 9 ! contract4
  7#c7 ,limitation2 optional ext5sion to
 a*ieve sav+s  7,a7 ,9 g5]al ,subject to
 subp>agraph 7,b71 ! lead ag5cy may n   
ent] into a contract = a social impact  
bond project "u p>agraph 7#a7 aft] !    
date t is #e ye>s aft] ! date ( !       
enactm5t ( ?is ,act4  7,b7 ,ext5sion ,if
 ! lead ag5cy det]m9es t a social impact
 bond project t has n a*iev$ ! ,f$]al   
sav+s x 0 project$ to a*ieve w\ld a*ieve
 su* sav+s if ! project 7 cont9u$ = a   
p]iod t is n great] ?an #e ye>s1 ! lead 
ag5cy may ext5d ! project = n m ?an #e  
additional ye>s )\t requir+ ! ,/ate or  
local gov]nm5t conduct+ ! project to    
resubmit an application 9 accordance )  
section #djb4  7d7 ,notice ( contract   

aw>d ,n lat] ?an #cj days aft] ent]+    
into a contract "u ?is section1 ! lead  
ag5cy %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$1   
includ+ sc5>ios :5 only p>tial outcomes 

h be5 a*iev$4  7#ab7 ,! e/imate prep>$  
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$4     
#djd4 ,feasibility /udy fund+  7a7      
,reque/s = fund+ = feasibility /udies ,!
 lead ag5cy %all res]ve a portion ( !   
fund+ provid$ 9 section #djh to assi/   
,/ates or local gov]nm5ts 9 develop+    
feasibility /udies requir$ by section   
#djb7;c74 ,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$ at ! appropriate quantitative    
levels4  7#g7 ,an e/imat$ timel9e =     
implem5tation & completion ( ! project1 
:i* %all n exce$ #ae 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$$ to 
successfully execute ! project1 !       
ability ( ! int]m$i>y to fo/] su*       
p>tn]%ips1 ! id5tity ( likely p>tn]s1 & 
:e!r commitm5ts to p>ticipate 9 !       
project h be5 secur$ f su* p>tn]s4  7#i7
 ,! expect$ res\rces ne$$ to complete ! 
feasibility /udy4  7#aj7 ,an assurance t
 ! s]vices provid$ by ! ,/ate or local  
gov]nm5t ?r\gh ! project w supplem5t & n
 supplant any s]vices provid$ by ! ,/ate
 or local gov]nm5t prior to ! comm5cem5t

 ( ! project4  7b7 ,f$]al selection (   
applications = feasibility /udy ,n lat] 
?an #f mon?s aft] receiv+ an application
 = feasibility /udy fund+ "u subsection 
7a71 ! lead ag5cy1 9 consultation ) !   
,c\ncil & ! head ( any ,f$]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$ outcome at ! appropriate         
quantitative level4  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 ! lead ag5cy %all 
publi% on ! website ( ! ,c\ncil         
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 ,! lead    
ag5cy 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 #djh1 !    
lead ag5cy may n use m ?an #e1jjj1jjj to
 provide feasibility /udy fund+ to      
,/ates or local gov]nm5ts "u ?is        
section4  7e7 ,submission ( feasibility 
/udy requir$ ,n lat] ?an #f 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 !   
,c\ncil4  #dje4 ,evaluations  7a7       
,contract ,au?ority ,= ea* ,/ate or     
local gov]nm5t aw>d$ a social impact    
bond project approv$ by ! lead ag5cy "u 
?is title1 ! head ( ! relevant ag5cy1 z 
det]m9$ by ! ,c\ncil1 %all ent] into a  

contract ) su* ,/ate or local gov]nm5t  
to pay1 f ! am\nt made available "u     
section #djh1 = an indep5d5t evaluation 
to det]m9e :e!r ! ,/ate or local        
gov]nm5t project has met an outcome     
specifi$ 9 ! contract at ! appropriate  
quantitative level 9 ord] = ! ,/ate or  
local gov]nm5t to receive outcome       
paym5ts "u ?is title4  7b7 ,evaluator   
,qualifications ,! head ( ! relevant    
ag5cy may n ent] into a contract ) a    
,/ate or local gov]nm5t unless ! head   
det]m9es t ! entity t w s]ve z !        
indep5d5t 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 title %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 !
 lead ag5cy & biannually !reaft] until !
 project is conclud$1 submit to ! head (
 ! relevant ag5cy & ! ,c\ncil a writt5  
report summ>iz+ ! progress t has be5    
made 9 a*iev+ ea* outcome specifi$ 9 !  
contract at ! appropriate quantitative  
level2 &  7,b7 at ! s*$ul$ "t ( ! fir/  
outcome paym5t & at ! "t ( ea* subsequ5t
 paym5t1 submit to ! head ( ! relevant  
ag5cy & ! ,c\ncil 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 !
 ,c\ncil %all submit su* report to ea*  
committee ( jurisdiction 9 ! ,h\se (    
,repres5tatives & ! ,s5ate4  7e7 ,f9al  
,report  7#a7 ,submission ( report ,)9  
#f 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 & ! ,c\ncil 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 ! ,c\ncil %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  
#djh1 ! lead ag5cy may n obligate m ?an 
#ae p]c5t to evaluate ! implem5tation & 
outcomes ( su* projects4  #djf4 ,role ( 
,int]ag5cy ,c\ncil on ,multig5]ational  
,pov]ty ,! ,c\ncil %all-- 7#a7 coord9ate
 ! ef=ts ( social impact bond projects  
fund$ by ?is title2  7#b7 advise & assi/
 ! lead ag5cy 9 ! developm5t &          
implem5tation ( su* projects2  7#c7     
advise ! lead ag5cy on specific         
programmatic & policy matt] relat$ to   
su* projects2  7#d7 provide subject     
matt] exp]tise to ,c\ncil memb] ag5cies 
) reg>d to su* projects2  7#e7 ensure t 
ea* ,/ate or local gov]nm5t t has ent]$ 
into a contract ) ! lead ag5cy = a      
social impact bond project "u ?is title 
& ea* evaluator select$ by ! head ( !   
relevant ag5cy "u section #dje 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 
#djg4 ,availability ( in=mation relat$  
to social impact bond projects ,!       
,c\ncil %all make publicly available1 on
 its (ficial website1 a description ( ! 
#b-;g5]ation program describ$ 9 ?is     
title & in=mation relat$ to ! social    
impact bond projects conduct$ "u ?is    
title1 includ+--  7#a7 a copy (1 or     
me?od ( access+1 ea* notice publi%$     
reg>d+ a social impact bond project     
pursuant to su* title2  7#b7 = ea*      
social impact bond project conduct$ "u  
su* title-- 7,a7 ! outcome goals ( su*  
project describ$ 9 section #djb7;b72    
7,b7 a description ( ea* int]v5tion 9   
su* project2  7,c7 ! t>get population to
 be s]v$ by su* project2  7,d7 ! expect$
 social b5efits to p>ticipants :o       
receive int]v5tion 9 ea* su* project &  

o!r individuals :o may be impact$ by su*
 int]v5tion2  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]2   
7,f7 ! paym5t t]ms1 me?odology us$ to   
calculate outcome paym5ts1 paym5t       
s*$ule1 & p]=mance ?re%olds2  7,g7 !    
project budget2  7,h7 ! project timel9e2
  7,i7 ! project eligibility crit]ia2   
7,j7 ! evaluation design2  7,k7 !       
metrics us$ to det]m9e :e!r ! propos$   
outcomes h be5 a*iev$ & h[ ^! metrics   
are measur$2  7,l7 a copy ( ! progress  
reports & ! f9al reports describ$ 9     
section #dje relat+ to ea* social impact
 bond project2 &  7,m7 an e/imate ( !   
sav+s to ,f$]al1 ,/ate1 & local         
gov]nm5ts1 on a program-by-program basis
 & 9 ! aggregate1 result+ f ! successful
 completion ( a social impact bond      
project4  #djh4 ,fund+  7a7 ,9 g5]al    
,out ( any money 9 ! ,treasury n o!rwise
 appropriat$1 !re is h]eby appropriat$  

#ajj1jjj1jjj1 to rema9 available until  
#e ye>s aft] ! date specifi$ 9 section  
#djc7;c77#c71 to c>ry out ! activities  
au?oriz$ "u ?is title4  7b7 ,limitation 
,( ! am\nts made available "u subsection
 7a71 ! lead ag5cy 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 ! ,c\ncil2 &  7#b7 
any o!r ag5cy consult$ by ! lead ag5cy  
be=e approv+ a social impact bond       
project "u section #djc or aw>d+ fund+ =
 a feasibility /udy "u section #djd4    
#dji4 ,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 title  

,,iv ( ! ,two-,g5]ation ,economic       
,emp[]m5t ,act ( #bjaf  4