Pay for Success Bonds - 2012 budget
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Pay for Success Bonds - 2012 budget

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Pay for Success Bonds - 2012 budget Pay for Success Bonds - 2012 budget Document Transcript

  • Pay for Success Bonds - 2012 BudgetThe 2012 President’s Budget designates $100 million that may be used for Pay for Success bonds. Under Pay forSuccess, Federal programs contract with a financing organization to measurably improve outcomes for at-riskpopulations. With philanthropic and other investors providing up-front funding, the Federal government pays onlyif clearly defined outcomes are achieved. Pay for Success leverages private resources to drive evidence-basedinnovation and to invest in what works. Pay for Success funding is spread across seven pilot and innovation grant programs in five agencies: Education, Labor, Justice, the Social Security Administration, and the Corporation for National and Community Services. Federal agencies would only use the designated funds for Pay for Success projects if there is agreement with a State or locality and a financing organization that a promising Pay for Success pilot is ready to be launched. The Budget includes appropriations language allowing unused Federal funds (e.g., if Pay for Success pilot does not achieve results) to be de-obligated and re-obligated for other high priority programs. 2012 Budget General Provisions (pg. 12, section 734) Maximum Appropriations Program Funding References in the Budget Account (millions/%) Department of Education – Rehabilitation Title V General Services and Disability Research Workforce Innovation Provisions (covering ED $20/5% Congressional Justification (pgs. 131-132); Fund and DOL) Department of Labor – General Provisions Budget (pg. 6) SSA/Supplemental Social Security Administration – SSI Budget SSI R&D $10/26% Security Income (SSI) (pgs. 3 and 5) ED/Office of Innovation Department of Education – Federal Budget Investing in Innovation $15/5% and Improvement (pg. 70) Corporation for National and Community CNCS/Operating Social Innovation Fund $14/20% Service – Congressional Justification (pgs. 10, Expenses 16, and 47) Department of Education – Higher Education ED/Higher Ed FIPSE $15/10% Congressional Justification (pgs. 3, 5-6, 106) Department of Education – Special Education Congressional Justification (pgs. 2, 5-6, 108- ED/Special Ed PROMISE $6/20% 110) DOJ – State and Local Second Chance Act Department of Justice – Office of Justice Law Enforcement (Offender Re-Entry) $20/20% Programs Congressional Justification (pgs. Assistance Programming 37 and 57) Total $100Other Links  “Social Impact Bonds: A promising new financing model to accelerate social innovation and improve government performance” (Jeffrey B. Liebman, Center for American Progress)  “What Are Social Impact Bonds?” (New York Times)  “Rockefeller Foundation Sees Social-Change Dividend” (Wall Street Journal)  “Heads Taxpayers Win, Tails They Don’t Lose” (Washington Post)  “Obama’s social impact bonds: private money, public benefit” (Baltimore Sun)  “For Federal Programs, A Taste of Market Discipline” (New York Times)  “The Most Exciting 0.0003% of Obama’s Budget: Social Impact Bonds” (Fast Company)