Pay for Performance Act - Amends title XX (Block Grants to States for Social Services and Elder Justice) of the Social Security Act to add a new part C (Social Impact Pay for Performance Contracts).
Requires the Secretary of the Treasury to publish in the Federal Register a request for proposals from states or local governments for social impact pay for performance contract projects which produce measurable, clearly defined outcomes that result in social benefit, such as employment for the unemployed, high school graduation, and reduction of teen and unplanned pregnancies as well as incidences of child abuse and neglect. Requires applications to include a feasibility study, funded under this Act, which contains specified information.
Requires the Secretary to decide whether to enter into such a contract within six months after receiving an application.
Requires independent evaluation of a state or local government social impact pay for performance contract project.
Makes appropriations for 10 years to carry out this Act.
Establishes the Federal Interagency Council on Social Impact Pay for Performance Contracts.
Authorizes the Comptroller General (GAO) to audit the activities of any state, local government, or nongovernment that receives funds under this Act.
Amends the Community Reinvestment Act of 1977 to require the appropriate federal financial supervisory agency to consider, in assessing and taking into account the record of a financial institution in meeting the credit needs of its entire community, its investments in social impact pay for performance contract projects.