Sens. Orrin Hatch (R-UT) and Michael Bennet (D-CO) yesterday introduced bipartisan legislation (S. 1089) that would establish a 10-year, $300 million federal program for state and local pay-for-success projects, also known as social impact bonds or, in the bill, as social impact partnerships (bill text).
“The Hatch-Bennet Social Impact Partnership Act will spur innovation and teamwork within the public and private sectors while making a positive impact on social and public health programs,” said Sen. Hatch in a statement. “This bill will keep control in the hands of local leaders, reduce the federal bureaucracy, and help improve outcomes for those who use the services and the taxpayers that pay for them.”
“These public-private partnerships represent a shift to a model of government where results matter and where we pay for competence,” said Sen. Bennet. “Supporting targeted early interventions will help improve outcomes in health care, education, job training, child care, homelessness, and a range of other government services.”
The senators introduced similar legislation last year and a hearing was held in the Senate last May. Similar legislation was also introduced earlier this year in the House. Enterprise Community Partners has assembled a side-by-side comparison of the two bills.
- Social Impact Bond Legislation Introduced in the House (March 5, 2015)
- House Passes Pay-for-Success Amendment to K-12 Education Bill (February 26, 2015)
- House Holds Hearing on Social Impact Bonds (September 9, 2014)
- Social Impact Bond Bills Introduced in Congress (July 30, 2014)
- Senate Panel Holds Hearing on Social Impact Bonds (May 1, 2014)