This bill would seek to expand partnership grants to state and local governments aimed at supporting a social goal like improving high school graduation rates. The Dept. of the Treasury would be required to publish a request for proposal from state and local governments in the Federal Register that clearly defines the outcomes and how they’d provide a social benefit.
Examples of the outcomes these social impact partnerships would look to improve may include:
Reducing unemployment among people between ages 16 and 24;
Boosting high school graduation rates;
Helping people receiving unemployment benefits find jobs;
Reducing teen and unplanned pregnancies;
Mitigating and reducing the incidences of child abuse and neglect.
The Treasury would decide whether to enter into an agreement for the social impact partnership within six months of receiving an application. It would also reserve funds that could provide for up to 50 percent of the cost of a feasibility study undertaken by a state or local government for a proposed partnership before their application is filed. $100 million in funds from the Temporary Assistance for Needy Families’ (TANF) contingency account would be reserved for this purpose.
Before the governments can receive payments related to a successful outcome of the partnership, an independent evaluation of the state or local governments would be undertaken to determine if the project met its stated goal.
This legislation would also establish two entities related to social impact partnerships:
The Federal Interagency Council on Social Impact Partnerships to coordinate the efforts of social impact partnership projects as well as establish a public website for project information;
A Commission on Social Impact Partnerships to assist Treasury and the Federal Interagency Council in reviewing funding applications.