Social Impact Partnership 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 Partnerships).
Requires the Secretary of the Treasury to publish in the Federal Register a request for proposals from states or local governments for social impact partnership projects which produce a measurable, clearly defined outcome that results in social benefit, such as employment for the unemployed, high school graduation, and reduction of teen and unplanned pregnancies as well as incidences and adverse consequences 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 to determine whether the state or local government project has met an outcome specified in the contract in order for such governments to receive outcome payments.
Establishes the Federal Interagency Council on Social Impact Partnerships.
Makes appropriations for 10 years to carry out this Act.
Authorizes the Government Accountability Office to audit the social impact partnership project activities of any state, local, government, or nongovernment entity 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 partnership projects.