US Congress House Bill 4885 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on June 18 2014 - 25% progression, died in committee
Action: 2014-06-18 - Referred to House Financial Services
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

Social Impact Bond 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 Bonds). Requires the Secretary of the Treasury to seek proposals from states or local governments for social impact bond 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. Makes appropriations for 10 years to carry out this Act. Requires independent evaluation of a state or local government social impact bond project. Establishes the Federal Interagency Council on Social Impact Bonds. 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 bond projects.

Social Impact Bond Act

Sen. Todd Young [R-IN]	Rep. Ami Bera [D-CA]	Rep. Diane Black [R-TN]	Rep. Earl Blumenauer [D-OR]
Rep. John Carney [D-DE]	Rep. David Cicilline [D-RI]	Rep. John Delaney [D-MD]	Rep. Michael Fitzpatrick [R-PA]
Rep. Tim Griffin [R-AR]	Rep. Mike Kelly [R-PA]	Rep. Joseph Kennedy [D-MA]	Rep. Derek Kilmer [D-WA]
Rep. Ann Kuster [D-NH]	Rep. John Larson [D-CT]	Rep. Kenny Marchant [R-TX]	Rep. Jim Matheson [D-UT]
Rep. James McGovern [D-MA]	Rep. Gregory Meeks [D-NY]	Rep. Devin Nunes [R-CA]	Rep. Thomas Petri [R-WI]
Rep. Jared Polis [D-CO]	Rep. Tom Reed [R-NY]	Rep. David Reichert [R-WA]	Rep. James Renacci [R-OH]
Rep. Reid Ribble [R-WI]	Rep. Dennis Ross [R-FL]	Rep. Aaron Schock [R-IL]	Rep. Patrick Tiberi [R-OH]
Rep. Dina Titus [D-NV]

Date	Chamber	Action
2014-06-18	House	Referred to House Financial Services
2014-06-18	House	Referred to House Ways and Means
2014-06-18	House	Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

SB2691 (Related) 2014-07-30 - Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/house-bill/4885/all-info
Text	https://www.congress.gov/113/bills/hr4885/BILLS-113hr4885ih.pdf