Social Impact Partnerships to Pay for Results Act
This bill allows the Department of the Treasury to enter into agreements with state and local governments for social-impact partnership projects for which federal funds shall be awarded only if a project achieves certain agreed-upon outcomes resulting in both social benefit and federal savings. In carrying out these agreements, Treasury must consult with the Federal Interagency Council on Social Impact Partnerships and the Commission on Social Impact Partnerships (both newly established by the bill). Treasury may transfer to another federal agency the authority to administer the agreements.
At least 50% of all federal payments made under such agreements must be used for initiatives that directly benefit children.
The Government Accountability Office shall evaluate, and report to Congress on, social-impact partnerships funded under the bill.