[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 435 Introduced in Senate (IS)]

<DOC>






115th CONGRESS
  1st Session
                                 S. 435

 To establish programs to improve family economic security by breaking 
    the cycle of multigenerational poverty, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 16, 2017

  Mr. Heinrich (for himself and Ms. Collins) introduced the following 
  bill; which was read twice and referred to the Committee on Health, 
                     Education, Labor, and Pensions

_______________________________________________________________________

                                 A BILL


 
 To establish programs to improve family economic security by breaking 
    the cycle of multigenerational poverty, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Two-Generation 
Economic Empowerment Act of 2017''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Findings; purposes.
Sec. 3. Definitions.
       TITLE I--INTERAGENCY COUNCIL ON MULTIGENERATIONAL POVERTY

Sec. 101. Interagency Council on Multigenerational Poverty.
Sec. 102. Information displayed on Council website.
Sec. 103. GAO Report.
Sec. 104. Authorization of appropriations.
                    TITLE II--2-GENERATION PROGRAMS

Sec. 201. Programs.
Sec. 202. General provisions.
            TITLE III--PERFORMANCE PARTNERSHIP PILOT PROGRAM

Sec. 301. Definitions.
Sec. 302. Performance partnership pilots.
Sec. 303. Reporting; evaluations.
Sec. 304. Applicability to existing performance partnership pilots.
              TITLE IV--SOCIAL IMPACT BONDS PILOT PROGRAM

Sec. 401. Definitions; purposes.
Sec. 402. Social impact bond application.
Sec. 403. Awarding social impact bond contracts.
Sec. 404. Feasibility study funding.
Sec. 405. Evaluations.
Sec. 406. Role of Interagency Council on Multigenerational Poverty.
Sec. 407. Availability of information related to social impact bond 
                            projects.
Sec. 408. Funding.
Sec. 409. Community Reinvestment Act.

SEC. 2. FINDINGS; PURPOSES.

    (a) Findings.--Congress finds the following:
            (1) Almost half, or 44 percent, of children in the United 
        States are from low-income families.
            (2) Individuals caught in multigenerational poverty tend to 
        lack the support needed to move beyond day-to-day situations, 
        make long-term financial plans, and support the community 
        around them.
            (3) Twenty-five percent of children in the United States 
        live in single-mother households, and 80 percent of African-
        American or Hispanic children who live in such households are 
        from low-income families.
            (4) Many of the services and systems that are intended to 
        help low-income families are fragmented, with approaches that 
        address the needs of parents and children separately. These 
        fragmented approaches often leave either the parent or the 
        child behind and dim the family's chance at success.
            (5) In 2009, the Department of Agriculture estimated that 
        11,500,000 individuals in the United States are from low-income 
        families that reside more than 1 mile from a supermarket, and 
        2,300,000 of such individuals do not have access to a car.
            (6) Healthy communities have a variety of components, 
        including--
                    (A) safe, sustainable, accessible, and affordable 
                transportation options that enable--
                            (i) children to commute to and from school 
                        safely; and
                            (ii) parents to seek work outside of their 
                        community;
                    (B) housing that is affordable, high-quality, 
                socially integrated, and location-efficient;
                    (C) access to quality schools, parks and other 
                recreational facilities, child care, libraries, 
                financial services, and other daily needs; and
                    (D) support for healthy behavioral development of 
                children and adolescents.
            (7) A successful 2-generation program will--
                    (A) improve family economic security by creating 
                opportunities for, and addressing the needs of, parents 
                and children;
                    (B) break the cycle of multigenerational poverty; 
                and
                    (C) foster and develop healthy communities.
            (8) The return on investment in education for children and 
        their parents is high. Early childhood education programs help 
        children develop new skills and prepare them for grade school. 
        A parent's level of educational attainment is the best 
        predictor of a child's success. Higher education opens the door 
        to a stable career with a family-sustaining wage, providing 
        opportunities for families to break the cycle of 
        multigenerational poverty.
            (9) Social capital is a key success factor of the 2-
        generation approach and builds on the strength and resilience 
        of families, bolstering the aspirations parents have for their 
        children and for themselves. Family poverty is associated with 
        a weaker social network of support. For individuals living in 
        certain regions, the lack of community development contributes 
        to a lack of economic mobility and a lack of multigenerational 
        success.
            (10) Physical and mental health have a major impact on the 
        ability of a family to thrive. There is a well-documented 
        correlation between poor health and poor family finances, with 
        poor health causing poor family finances and poor family 
        finances causing poor health. Improved physical health and 
        health behaviors are associated with higher scores on 
        standardized tests. There is a link between mothers providing a 
        higher level of emotional support and positive outcomes in 
        children, such as children demonstrating an improved social 
        competence and engagement in schooling. Meanwhile, social 
        isolation of children is associated with a higher rate of abuse 
        and neglect of children.
    (b) Purpose.--The purpose of this Act is to improve family economic 
security by breaking the cycle of multigenerational poverty, including 
through developing 2-generation programs that involve initiatives of 
the Federal Government, States, local governments, and tribal 
governments and initiatives of the private sector.

SEC. 3. DEFINITIONS.

    In this Act:
            (1) 2-generation approach.--The term ``2-generation 
        approach'' means the approach to breaking the cycle of 
        multigenerational poverty by improving family economic security 
        through the implementation of 2-generation programs that create 
        opportunities for, and address the needs of, parents and 
        children together.
            (2) 2-generation program.--The term ``2-generation 
        program'' means a pilot program established under section 
        201(a).
            (3) Agency.--The term ``agency'' has the meaning given such 
        term in section 551 of title 5, United States Code.
            (4) Council agency.--The term ``Council agency'' means an 
        agency listed in any of subparagraphs (A) through (M) of 
        section 101(c)(1).
            (5) Discretionary appropriations.--The term ``discretionary 
        appropriations'' has the meaning given such term in section 
        250(c) of the Balanced Budget and Emergency Deficit Control Act 
        of 1985 (2 U.S.C. 900(c)).
            (6) Institution of higher education.--The term 
        ``institution of higher education'' has the meaning given such 
        term in section 101(a) of the Higher Education Act of 1965 (20 
        U.S.C. 1001(a)).
            (7) Intervention.--The term ``intervention'' means a 
        specific service delivered to achieve an impact through a 
        social impact bond project under title IV.
            (8) Multigenerational poverty.--The term 
        ``multigenerational poverty'' means pervasive poverty 
        transferred from parents to their children through structural 
        and systematic factors.
            (9) School readiness.--The term ``school readiness'' means 
        the development of--
                    (A) physical well-being and motor skills;
                    (B) social and emotional skills;
                    (C) approaches to learning;
                    (D) language skills (including early literacy); and
                    (E) cognition and general knowledge.
            (10) State.--The term ``State'' means each of the several 
        States of the United States, the District of Columbia, and each 
        commonwealth or territory of the United States.
            (11) Vulnerable population.--The term ``vulnerable 
        population'' means a population consisting of individuals who, 
        as determined by the applicable lead agency designated under 
        section 202(a)--
                    (A) are economically disadvantaged;
                    (B) are racial or ethnic minorities;
                    (C) are low-income children;
                    (D) are elderly;
                    (E) are homeless;
                    (F) are individuals with a disability, as defined 
                in section 3 of the Americans with Disabilities Act of 
                1990 (42 U.S.C. 12102);
                    (G) are infected with the human immunodeficiency 
                virus (HIV); or
                    (H) have any other chronic health condition, 
                including a severe mental illness.

       TITLE I--INTERAGENCY COUNCIL ON MULTIGENERATIONAL POVERTY

SEC. 101. INTERAGENCY COUNCIL ON MULTIGENERATIONAL POVERTY.

    (a) Establishment.--There is established within the Federal 
Government an interagency council to be known as the ``Interagency 
Council on Multigenerational Poverty'' (referred to in this Act as the 
``Council'') to carry out the objectives under subsection (b) and the 
2-generation approach, including by providing guidance, and addressing 
questions pertaining, to 2-generation programs and other programs 
engaging in efforts to break the cycle of multigenerational poverty.
    (b) Objectives.--The objectives of the Council are each of the 
following:
            (1) Establish an ongoing system of coordination among and 
        within agencies or organizations related to programs aimed at 
        breaking the cycle of multigenerational poverty.
            (2) Identify knowledge gaps, research needs, and policy and 
        program deficiencies associated with multigenerational poverty.
            (3) Identify best practices of programs, including the 2-
        generation programs, and methodologies to break the cycle of 
        multigenerational poverty.
    (c) Membership.--
            (1) Composition.--The Council shall be composed of at least 
        1 designee from each of the following:
                    (A) The Office of Management and Budget.
                    (B) The Bureau of Indian Affairs.
                    (C) The Department of Agriculture.
                    (D) The Department of Education.
                    (E) The Department of Health and Human Services.
                    (F) The Department of Housing and Urban 
                Development.
                    (G) The Department of Labor.
                    (H) The Department of Transportation.
                    (I) The Department of the Treasury.
                    (J) The Department of Veterans Affairs.
                    (K) The Corporation for National and Community 
                Service.
                    (L) The Domestic Policy Council.
                    (M) The National Economic Council.
            (2) Designation.--
                    (A) In general.--The head of each Council agency 
                shall designate at least 1 employee described in 
                subparagraph (B) of such agency to serve as a member of 
                the Council.
                    (B) Responsibilities.--An employee described in 
                this subparagraph shall be a senior employee of the 
                agency whose responsibilities relate to policies, 
                procedures, and economics with respect to family well-
                being.
            (3) Chairperson.--
                    (A) In general.--The Chairperson of the Council 
                (referred to in this section as the ``Chairperson'') 
                shall be a designee under paragraph (1)(E), as selected 
                by the Council if there is more than 1 such designee.
                    (B) Initiating guidance.--The Chairperson, on 
                behalf of the Council, shall identify and invite 
                individuals from diverse entities, including advocates, 
                individuals from nonprofit organizations, small 
                businesses, and philanthropic organizations, and 
                researchers from institutions of higher education, to 
                provide the Council with advice and knowledge 
                pertaining to addressing multigenerational poverty.
    (d) Duties.--
            (1) Strategic plan to end and prevent multigenerational 
        poverty.--Not later than 1 year after the date of enactment of 
        this Act, the Council shall develop, make available for public 
        comment, and submit to the President and Congress, a strategic 
        plan to end and prevent multigenerational poverty that includes 
        activities under the 2-generation approach and other activities 
        consistent with the objectives under subsection (b). The 
        Council shall update such plan annually.
            (2) Implementing and advising 2-generation programs.--The 
        Council shall establish procedures for implementing the 2-
        generation approach that consist of--
                    (A) coordinating the efforts of each 2-generation 
                program;
                    (B) advising and assisting relevant agencies in the 
                development and implementation of each such program;
                    (C) advising relevant agencies on specific 
                programmatic and policy matters related to each such 
                program;
                    (D) providing relevant subject matter expertise to 
                each lead agency designated under section 202(a); and
                    (E) identifying and addressing issues that may 
                influence the future of each 2-generation program.
            (3) Reports to congress.--
                    (A) Annual reports.--Not later than 1 year after 
                the date of enactment of this Act, and annually 
                thereafter, the Council shall prepare and submit to 
                Congress a report that includes--
                            (i) information on the progress and results 
                        of each 2-generation program in achieving the 
                        appropriate quantitative levels for the 
                        outcomes described in section 201(b) that each 
                        program is designed to achieve; and
                            (ii) information on any issue concerning 
                        each such program and recommendations to 
                        address each such issue.
                    (B) Biannual reports.--Not later than 1 year after 
                the date of enactment of this Act, and every 2 years 
                thereafter, the Council shall prepare and submit to 
                Congress a report that includes--
                            (i) information on the overall progress of 
                        the Council in ending and preventing 
                        multigenerational poverty; and
                            (ii) legislative policy recommendations, 
                        including addressing any needs for greater 
                        legislative authority to meet the objectives of 
                        this Act.
            (4) Available funding.--Not later than 90 days after the 
        date of enactment of this Act, each Council agency shall 
        identify, prepare, and submit to the Chairperson a list of 
        funding sources that could support 2-generation programs in 
        achieving the appropriate quantitative levels for the outcomes 
        described in section 201(b) that each program is designed to 
        achieve.

SEC. 102. INFORMATION DISPLAYED ON COUNCIL WEBSITE.

    (a) In General.--The Council shall ensure that the information 
listed in subsection (b) is made available to the public and displayed 
on the official website of the Council.
    (b) Information.--The information listed in this subsection is each 
of the following:
            (1) The national strategic plan to end and prevent 
        multigenerational poverty required under section 101(d)(1).
            (2) Information on the 2-generation programs, including--
                    (A) the outcomes described in section 201(b) that 
                each program is designed to achieve, and the 
                appropriate quantitative levels for achieving such 
                outcomes;
                    (B) national partners consisting of private and 
                government entities participating in (or interested in 
                participating in), including by funding, a 2-generation 
                program;
                    (C) a description of the 2-generation program 
                described in title III, including detailed information 
                on the performance partnership pilots approved under 
                section 302(a), the discretionary appropriations used 
                to carry out such program, and any waivers received 
                under section 202(d) for such program, including 
                information specifying the waivers used for each such 
                pilot; and
                    (D) a description of the 2-generation program 
                described in title IV, including the information 
                described in section 407.
            (3) Each report, including the data contained in each such 
        report, that--
                    (A) the Council submits to Congress under section 
                101(d)(3);
                    (B) the Comptroller General of the United States 
                submits under section 103 or 303(c); and
                    (C) is submitted to the Council under section 
                303(d) or subsection (d) or (e) of section 405.
            (4) Information describing the best practices (as 
        determined by the Council) of the 2-generation programs, and 
        other programs engaging in efforts to break the cycle of 
        multigenerational poverty, to enable interested entities to 
        emulate such best practices in any efforts to end or prevent 
        multigenerational poverty.

SEC. 103. GAO REPORT.

    (a) In General.--Not later than 1 year after the date of enactment 
of this Act, the Comptroller General of the United States shall conduct 
a study, and submit a report to Congress and the Interagency Council on 
Multigenerational Poverty, on Federal block grants under the 
jurisdiction of council participants to identify barriers and 
opportunities for collaboration in order to carry out the 2-generation 
approach.
    (b) Contents.--The study and report under subsection (a) shall--
            (1) identify block grants that could be used for the 2-
        generation approach and whether waiver of any funding 
        restriction or requirement in particular would facilitate the 
        2-generation approach without compromising the policy goals of 
        those block grants;
            (2) identify opportunities and barriers for collaboration 
        among block-grant recipients; and
            (3) examine any duplications of reporting or applications 
        as a result of such collaboration.

SEC. 104. AUTHORIZATION OF APPROPRIATIONS.

    There are authorized to be appropriated for each of fiscal years 
2017 through 2022 such sums as may be necessary to carry out this 
title.

                    TITLE II--2-GENERATION PROGRAMS

SEC. 201. PROGRAMS.

    (a) In General.--The Council shall establish, as 2-generation 
programs, each of the following:
            (1) The 2-generation performance partnership pilot program 
        described in title III.
            (2) The 2-generation social impact bonds pilot program 
        described in title IV.
    (b) Outcome Measures.--
            (1) Establishment.--The Council shall establish clearly 
        defined outcome measures for each 2-generation program that 
        include the outcomes described in paragraphs (2) and (3) that 
        each program is designed to achieve and the appropriate 
        quantitative levels for achieving such outcomes.
            (2) Primary outcomes.--Each 2-generation program shall be 
        designed to achieve primary outcomes consisting of--
                    (A) improved academic achievement of children and 
                increased earning potential of parents, including 
                enhanced--
                            (i) school readiness of children from birth 
                        through age 5; and
                            (ii) educational attainment of parents; and
                    (B) two or more of the following outcomes:
                            (i) Improved financial stability of 
                        families, including increased financial 
                        capability of, and savings for, parents and 
                        children, achieved through increased earning 
                        potential and enhanced financial decisionmaking 
                        skills of parents and children.
                            (ii) Increased access for parents and 
                        children to programs that foster healthy 
                        parent-child relationships.
                            (iii) Increased opportunities for all 
                        family members to participate in programs that 
                        address the mental health needs of parents and 
                        children.
                            (iv) Improved education of parents and 
                        children on obesity prevention and nutrition, 
                        and a subsequent reduction in rates of obesity 
                        and related diseases among parents and 
                        children.
                            (v) Improved maternal and child health, 
                        including social and emotional health and 
                        development of mothers and children.
            (3) Cost-effective outcomes.--In achieving the primary 
        outcomes described in paragraph (2), each 2-generation program 
        shall make better use of budgetary resources to seek enhanced 
        outcomes that are cost-effective for regions, communities, or 
        vulnerable populations.

SEC. 202. GENERAL PROVISIONS.

    (a) Lead Agencies.--The Director of the Office of Management and 
Budget shall, in collaboration with the Council--
            (1) designate a lead agency from among the Council agencies 
        for the purpose of carrying out the 2-generation program 
        described in title III; and
            (2) designate a lead agency from among the Council agencies 
        for the purpose of carrying out the 2-generation program 
        described in title IV.
    (b) Agency Head Determinations.--
            (1) In general.--A Council agency may participate (directly 
        or by providing discretionary appropriations that have been 
        appropriated to such agency) in the 2-generation program 
        described in title III only upon providing a written 
        determination by the head of such agency to the lead agency 
        designated under subsection (a)(1) that, based on the best 
        available information, transferring resources to participate in 
        such program will not--
                    (A) result in such agency reducing any services 
                (funded in whole or in part by the discretionary 
                appropriations of such agency) that such agency 
                provided prior to participating in the 2-generation 
                program; and
                    (B) otherwise adversely affect vulnerable 
                populations that are recipients of such services.
            (2) Consideration.--In making the determination under 
        paragraph (1), the head of the Council agency may take into 
        consideration the discretionary appropriations that will be 
        used in the 2-generation program.
    (c) Transfer Authority.--
            (1) 2-generation account.--The lead agency designated under 
        subsection (a)(1) may establish an account for the purpose of 
        carrying out the 2-generation program described in title III, 
        allowing multiple Council agencies participating in the 2-
        generation program to combine discretionary appropriations for 
        the purpose of carrying out the 2-generation program.
            (2) Transfers.--Subject to the written approval of the 
        Director of the Office of Management and Budget and paragraph 
        (4), the head of each Council agency participating in the 2-
        generation program described in title III may transfer 
        discretionary appropriations of the agency to the account 
        established under paragraph (1), to be used for such 2-
        generation program.
            (3) Availability.--
                    (A) Purposes.--Subject to the waiver authority 
                under subsection (d), the discretionary appropriations 
                transferred under paragraph (2) shall remain available 
                for the same purposes for which the appropriations were 
                originally appropriated.
                    (B) Obligation by the federal government.--The 
                discretionary appropriations transferred under 
                paragraph (2) shall remain available for obligation by 
                the Federal Government for the period for which such 
                appropriations were permitted to remain available, as 
                of the day before the date of the transfer.
            (4) Notice requirement.--Not later than 30 days prior to 
        transferring any discretionary appropriations under paragraph 
        (2), the head of the Council agency transferring the 
        appropriations shall provide written notice of the transfer to 
        the Committee on Appropriations of the House of 
        Representatives, the Committee on Appropriations of the Senate, 
        and other appropriate committees of Congress.
    (d) Waiver Authority.--
            (1) In general.--To reduce administrative burdens 
        (including application and reporting requirements) and subject 
        to other provisions of this Act (but notwithstanding subsection 
        (c)(3)(A)), the head of a Council agency participating in the 
        2-generation program described in title III may waive (in whole 
        or in part) the application, solely with respect to 
        discretionary appropriations used in such 2-generation program, 
        of any statutory, regulatory, or administrative requirement 
        that such agency head--
                    (A) is authorized to waive (in accordance with the 
                terms and conditions of the Federal law authorizing 
                such appropriations); or
                    (B) would not otherwise be authorized to waive, but 
                for the application of this subsection.
            (2) Limitations.--
                    (A) In general.--An agency head described in 
                paragraph (1) shall not waive any requirement related 
                to nondiscrimination, wage and labor standards, or 
                allocation of funds to State or sub-State levels.
                    (B) Requirements.--For the waiver of any statutory, 
                regulatory, or administrative requirement described in 
                paragraph (1)(B), an agency head described in paragraph 
                (1) shall--
                            (i) prior to granting the waiver, submit to 
                        the lead agency designated under subsection 
                        (a)(1) a written determination, with respect to 
                        the discretionary appropriations described in 
                        paragraph (1), that the granting of such waiver 
                        for purposes of the 2-generation program 
                        described in title III--
                                    (I) is consistent with the 
                                statutory purposes of the Federal 
                                program for which such discretionary 
                                appropriations were appropriated and 
                                the other provisions of this section, 
                                as well as the written determination by 
                                such agency head under subsection 
                                (b)(1);
                                    (II) is necessary to achieve the 
                                appropriate quantitative levels for the 
                                outcomes described in section 201(b) 
                                that the program is designed to 
                                achieve, and is no broader in scope 
                                than is necessary to achieve such 
                                levels; and
                                    (III) will result in--
                                            (aa) realizing efficiencies 
                                        by simplifying reporting 
                                        burdens or reducing 
                                        administrative barriers with 
                                        respect to such discretionary 
                                        appropriations; or
                                            (bb) increasing the ability 
                                        of individuals to obtain access 
                                        to services that are provided 
                                        through such discretionary 
                                        appropriations; and
                            (ii) provide at least 60 days of advance 
                        written notice to the Committee on 
                        Appropriations of the House of Representatives, 
                        the Committee on Appropriations of the Senate, 
                        and other appropriate committees of Congress.
    (e) Prohibited Use of Assessment for Young Children.--To 
participate in a 2-generation program described in title III or IV, an 
entity shall provide an assurance that the entity will not assess the 
achievement of children from birth through grade 2, or programs 
providing services to such children, by engaging in activities that 
include--
            (1) assessing such children or programs in a manner that 
        provides or leads to any reward or sanction for any individual 
        child, teacher, early childhood education program, as defined 
        in section 103 of the Higher Education Act of 1965 (20 U.S.C. 
        1003), or school;
            (2) using a single method for assessing the effectiveness 
        of a program serving such children as the primary or only 
        method for assessing such program; or
            (3) evaluating such children for any purpose other than 
        to--
                    (A) improve instruction or classroom environment;
                    (B) target high-quality, evidence-based 
                professional development;
                    (C) determine the need for health (including mental 
                health), disability, or family support services;
                    (D) inform the quality improvement process for such 
                programs at the State level;
                    (E) evaluate such a program for the purposes of 
                program improvement and providing information to the 
                parents of children participating in such program; or
                    (F) provide research conducted as part of a 
                national evaluation.

            TITLE III--PERFORMANCE PARTNERSHIP PILOT PROGRAM

SEC. 301. DEFINITIONS.

    In this title:
            (1) Lead agency.--The term ``lead agency'' means the lead 
        agency designated under section 202(a)(1).
            (2) Performance partnership pilot.--The term ``performance 
        partnership pilot'' means a project that--
                    (A) seeks to identify, through a demonstration, 
                cost-effective strategies for providing services at the 
                State, regional, or local level;
                    (B) involves two or more Federal programs 
                (administered by one or more Federal agencies)--
                            (i) with related policy goals; and
                            (ii) at least one of which is administered 
                        (in whole or in part) by a State, local 
                        government, or tribal government;
                    (C) carries out the 2-generation approach by 
                achieving the outcomes described in section 201(b), 
                including making better use of budgetary resources to 
                seek enhanced outcomes that are cost-effective for 
                regions, communities, or vulnerable populations; and
                    (D) consistent with this title, allows--
                            (i) an entity participating in the project 
                        to combine multiple sources of funding acquired 
                        by the entity; and
                            (ii) multiple entities participating in the 
                        project to combine sources of funding acquired 
                        by the entities.

SEC. 302. PERFORMANCE PARTNERSHIP PILOTS.

    (a) Approval of Pilots.--In accordance with title II and this 
title, the lead agency shall approve not more than 5 performance 
partnership pilots under the program described in this title, by 
entering into performance partnership agreements under subsection (c).
    (b) Use of Discretionary Appropriations.--Subject to section 202 
and subsections (a) and (c), a Council agency may use discretionary 
appropriations appropriated to such agency to participate in one or 
more of the approved performance partnership pilots.
    (c) Performance Partnership Agreements.--
            (1) In general.--A Council agency may use discretionary 
        appropriations to participate in a performance partnership 
        pilot only in accordance with the terms of a performance 
        partnership agreement, described in paragraph (3), that is 
        entered into between--
                    (A) subject to paragraph (2), the lead agency on 
                behalf of each Council agency participating in such 
                pilot; and
                    (B) a representative of each State, local 
                government, or tribal government that has applied for 
                participation in such pilot, in accordance with 
                application procedures established by the lead agency.
            (2) Limitation.--The lead agency may only enter into an 
        agreement under paragraph (1) upon receiving, from the head of 
        each Council agency to be participating in such pilot, a 
        written concurrence to enter into such agreement, including an 
        agreement that such Council agency will comply with all 
        requirements under this Act for participating in such pilot.
            (3) Terms of the agreement.--A performance partnership 
        agreement entered into under paragraph (1) shall specify, at a 
        minimum, each of the following:
                    (A) The length of such agreement, which shall end 
                not later than 5 fiscal years after the date of 
                enactment of this Act.
                    (B) The Federal programs and federally funded 
                services that are involved in such pilot.
                    (C) The discretionary appropriations that are being 
                used in the performance partnership pilot (by the 
                respective Federal account identifier, and the total 
                amount from such account that is being used in such 
                pilot), and the period of availability for obligation 
                by the Federal Government of such funds.
                    (D) The non-Federal funds that are being used in 
                such pilot, by source (which may include private funds 
                and governmental funds) and by amount.
                    (E) The State, local, or tribal programs that are 
                involved in such pilot.
                    (F) The populations to be served by such pilot.
                    (G) The cost-effective Federal oversight procedures 
                that will be used for the purpose of maintaining the 
                necessary level of accountability for the use of the 
                discretionary appropriations in such pilot.
                    (H) The cost-effective State, local, or tribal 
                oversight procedures that will be used for the purpose 
                of maintaining the necessary level of accountability 
                for the use of the discretionary appropriations in such 
                pilot.
                    (I) The outcomes described in section 201(b) that 
                such pilot is designed to achieve and the appropriate 
                quantitative levels for achieving such outcomes.
                    (J) The appropriate, reliable, and objective 
                outcome-measurement methodology that will be used in 
                carrying out such pilot, to determine the success of 
                such pilot in achieving any outcome, and the 
                appropriate quantitative level for achieving such 
                outcome, specified under subparagraph (I).
                    (K) Any statutory, regulatory, or administrative 
                requirements related to a Federal mandatory program 
                that are barriers to achieving any outcome or level 
                specified under subparagraph (I).
                    (L) In a case in which, during the course of such 
                pilot, it is determined that the pilot is not achieving 
                the appropriate quantitative levels for the outcomes 
                specified under subparagraph (I)--
                            (i) any consequence that will result from 
                        the failure to achieve such levels, with 
                        respect to the discretionary appropriations 
                        that are being used in such pilot; and
                            (ii) the corrective actions that will be 
                        taken to increase the likelihood that such 
                        pilot, upon completion, will have achieved such 
                        levels.

SEC. 303. REPORTING; EVALUATIONS.

    (a) State, Local Government, or Tribal Government Reports.--
            (1) In general.--Not later than 90 days after the first day 
        of each fiscal year, a State, local government, or tribal 
        government participating (in whole or in part) in a performance 
        partnership pilot shall submit a report to the lead agency.
            (2) Contents.--The report under paragraph (1) shall include 
        information on--
                    (A) the progress of such performance partnership 
                pilot in achieving the appropriate quantitative levels 
                for the outcomes the pilot is designed to achieve under 
                section 302(c)(3)(I), including data supporting such 
                progress; and
                    (B) the discretionary appropriations, and any other 
                funds, used to carry out such performance partnership 
                pilot.
    (b) Council Agency Reports.--Not later than 120 days after the 
first day of each fiscal year, each Council agency participating in a 
performance partnership pilot shall submit a report to the lead agency 
in such manner and containing such information about the performance 
partnership pilot as the lead agency may require.
    (c) Evaluation by Comptroller General.--
            (1) In general.--The Comptroller General of the United 
        States shall conduct an evaluation of the 2-generation program 
        described in this title, which shall include information 
        describing--
                    (A) the criteria used by the lead agency to approve 
                performance partnership pilots;
                    (B) the States, local governments, and tribal 
                governments that participated in any performance 
                partnership pilot;
                    (C) how each such State, local government, and 
                tribal government used funds received under such 
                performance partnership pilot; and
                    (D) the success of each performance partnership 
                pilot in achieving the appropriate quantitative levels 
                for the outcomes the pilot is designed to achieve under 
                section 302(c)(3)(I).
            (2) Submission.--Not later than 90 days after the first day 
        of each fiscal year, the Comptroller General of the United 
        States shall submit a report containing the evaluation 
        conducted under paragraph (1) to the lead agency and the 
        Council.
    (d) Lead Agency Report to the Council.--Not later than 180 days 
after the first day of each fiscal year, the lead agency shall submit a 
report to the Council that evaluates the information provided in the 
reports under subsections (a), (b), and (c).

SEC. 304. APPLICABILITY TO EXISTING PERFORMANCE PARTNERSHIP PILOTS.

    Nothing in this Act shall be construed to apply to any performance 
partnership pilot authorized under section 526 of the Departments of 
Labor, Health and Human Services, and Education, and Related Agencies 
Appropriations Act, 2014 (Public Law 113-76), section 524 of the 
Departments of Labor, Health and Human Services, and Education, and 
Related Agencies Appropriations Act, 2015 (Public Law 113-235), or 
section 525 of the Departments of Labor, Health and Human Services, and 
Education, and Related Agencies Appropriations Act, 2016 (Public Law 
114-113).

              TITLE IV--SOCIAL IMPACT BONDS PILOT PROGRAM

SEC. 401. DEFINITIONS; PURPOSES.

    (a) Definitions of Social Impact Bond Model and Social Impact Bond 
Project.--
            (1) Social impact bond model.--The term ``social impact 
        bond model'' means a method of financing social services in 
        which--
                    (A) Federal funds are awarded to a State or local 
                government only if such State or local government 
                achieves appropriate quantitative levels for certain 
                outcomes agreed upon by the State or local government 
                and the lead agency designated under section 202(a)(2); 
                and
                    (B) the State or local government collaborates with 
                service providers, investors (if applicable to the 
                project), and (if necessary) an intermediary to 
                identify--
                            (i) an intervention expected to produce 
                        such achievement on appropriate quantitative 
                        levels;
                            (ii) a service provider to deliver the 
                        intervention to the target population; and
                            (iii) if applicable, investors to assist in 
                        funding the delivery of the intervention.
            (2) Social impact bond project.--The term ``social impact 
        bond project'' means a project that finances social services 
        using a social impact bond model.
    (b) Purposes.--The purposes of this title are the following:
            (1) To reduce poverty among parents and children.
            (2) To improve the lives of families and individuals in 
        need in the United States by funding social programs that 
        achieve real results.
            (3) To ensure Federal funds are used effectively on social 
        services to produce positive outcomes for both service 
        recipients and taxpayers.
            (4) To establish programs that lessen the poverty burden 
        families face in the short-term while fostering opportunities 
        for families to achieve long-term success.
            (5) To establish the use of social impact bonds to address 
        some of our Nation's most pressing problems.
            (6) To facilitate the creation of public-private 
        partnerships that bundle philanthropic and other private 
        resources with existing public spending to scale up effective 
        social interventions already being implemented by private 
        organizations, nonprofits, charitable organizations, and local 
        governments across the country.
            (7) To bring pay-for-performance to the social sector, 
        allowing the United States to improve the impact and 
        effectiveness of vital social programs.

SEC. 402. SOCIAL IMPACT BOND APPLICATION.

    (a) Notice.--Not later than 1 year after the date of the enactment 
of this Act, the agency designated by the Council under section 
202(a)(2) (referred to in this title as the ``lead agency''), in 
consultation with the Council, shall publish in the Federal Register a 
notice that the lead agency is seeking proposals from States or local 
governments for social impact bond projects in accordance with this 
section.
    (b) Requirements for Social Impact Bond Projects.--To qualify as a 
social impact bond project under this title, the services provided by 
the State or local government through the project must--
            (1) produce social benefits and Federal savings by 
        achieving outcomes under section 201(b) at the appropriate 
        quantitative levels; and
            (2) supplement and not supplant any services provided by 
        the State or local government prior to the commencement of the 
        project.
    (c) Feasibility Study Required.--The notice described in subsection 
(a) shall require a State or local government to submit a feasibility 
study for the social impact bond project that contains the following 
information:
            (1) The outcome goals of the project.
            (2) A description of each intervention in the project and 
        the anticipated outcome of such intervention.
            (3) Rigorous evidence demonstrating that the intervention 
        can be expected to produce the desired outcome.
            (4) The target population that will be served by the 
        project.
            (5) The expected social benefits to participants who 
        receive the intervention and others who may be impacted.
            (6) Projected Federal, State, and local government costs 
        and other costs to conduct the project.
            (7) Projected Federal, State, and local government savings 
        and other savings, including an estimate prepared by the State 
        or local government of the savings to the Federal, State, and 
        local government, on a program-by-program basis and in the 
        aggregate, if the project is implemented and the outcomes are 
        achieved.
            (8) If savings resulting from the successful completion of 
        the project are estimated to accrue to the State or local 
        government, the likelihood of the State or local government to 
        realize those savings.
            (9) A plan for delivering the intervention through a social 
        impact bond model.
            (10) A description of the expertise of each service 
        provider that will administer the intervention.
            (11) An explanation of the experience of the State or local 
        government, the intermediary, or the service provider in 
        raising private and philanthropic capital to fund social 
        service investments.
            (12) The detailed roles and responsibilities of each entity 
        involved in the project, including any State or local 
        government entity, intermediary, service provider, independent 
        evaluator, investor, or other stakeholder.
            (13) A summary of the experience of the service provider 
        delivering the proposed intervention, a similar intervention, 
        or a summary demonstrating the service provider has the 
        expertise necessary to deliver the intervention.
            (14) A summary of the unmet need in the area where the 
        intervention will be delivered or among the target population 
        who will receive the intervention.
            (15) The payment terms, the methodology used to calculate 
        outcome payments, the payment schedule, and performance 
        thresholds.
            (16) The project budget.
            (17) The project timeline.
            (18) The criteria used to determine the eligibility of an 
        individual for the project, including how selected populations 
        will be identified, how they will be referred to the project, 
        and how they will be enrolled in the project.
            (19) The evaluation design.
            (20) The metrics that will be used to determine whether the 
        outcomes have been achieved and how such metrics will be 
        measured.
            (21) A summary explaining the independence of the evaluator 
        from the other entities involved in the project and the 
        evaluator's experience in conducting rigorous evaluations of 
        program effectiveness including, where available, well-
        implemented randomized controlled trials on the intervention or 
        similar interventions.
            (22) The capacity of the service provider to deliver the 
        intervention to the number of participants the State or local 
        government proposes to serve in the project.
            (23) An assurance that the services provided by the State 
        or local government through the project will supplement and not 
        supplant any services provided by the State or local government 
        prior to the commencement of the project.
    (d) Project Intermediary Information Required.--The feasibility 
study described in subsection (c) shall also contain the following 
information about the intermediary for the social impact bond project 
(whether the intermediary is the service provider or other entity):
            (1) Experience and capacity for providing or facilitating 
        the provision of the type of intervention proposed.
            (2) The mission and goals.
            (3) Information on whether the intermediary is already 
        working with service providers that provide this intervention 
        or an explanation of the capacity of the intermediary to begin 
        working with service providers to provide the intervention.
            (4) Experience working in a collaborative environment 
        across government and nongovernmental entities.
            (5) Previous experience collaborating with public or 
        private entities to implement evidence-based programs.
            (6) Ability to raise or provide funding to cover operating 
        costs (if applicable to the project).
            (7) Capacity and infrastructure to track outcomes and 
        measure results, including--
                    (A) capacity to track and analyze program 
                performance; and
                    (B) experience with performance-based contracting 
                and achieving project milestones and targets.
            (8) Role in delivering the intervention.
            (9) How the intermediary would monitor program success, 
        including a description of the interim benchmarks and outcome 
        measures.

SEC. 403. AWARDING SOCIAL IMPACT BOND CONTRACTS.

    (a) Timeline in Awarding Contract.--Not later than 6 months after 
receiving an application in accordance with section 402, the lead 
agency shall determine whether to enter into a contract for a social 
impact bond project with a State or local government.
    (b) Considerations in Awarding Contract.--In determining whether to 
enter into a contract for a social impact bond project (the application 
for which was submitted under section 402) the lead agency, in 
consultation with the Council and the head of any Federal agency 
administering a similar intervention or serving a population similar to 
that served by the project, shall consider each of the following:
            (1) The value to the Federal Government of the outcome 
        expected to be achieved if the outcomes specified in the 
        contract are met at the appropriate quantitative levels.
            (2) The ability of the State or local government in 
        collaboration with the intermediary and the service providers 
        to achieve the outcomes at the appropriate quantitative levels.
            (3) The savings to the Federal Government if the outcomes 
        specified in the contract are met at the appropriate 
        quantitative levels.
            (4) The savings to the State and local governments if the 
        outcomes specified in the contract are met at the appropriate 
        quantitative levels.
            (5) The expected quality of the evaluation that would be 
        conducted with respect to the contract.
    (c) Contract Authority.--
            (1) Contract requirements.--In accordance with this 
        section, the lead agency, in consultation with the Council and 
        the head of any Federal agency administering a similar 
        intervention or serving a population similar to that served by 
        the project, may enter into a contract for a social impact bond 
        project with a State or local government if the lead agency 
        determines that each of the following requirements are met:
                    (A) The State or local government agrees to achieve 
                an outcome specified in the contract at the appropriate 
                quantitative level in order to receive payment.
                    (B) The Federal payment to the State or local 
                government for each outcome specified is less than or 
                equal to the value of the outcome to the Federal 
                Government over a period not to exceed 15 years, as 
                determined by the lead agency, in consultation with the 
                State or local government.
                    (C) The duration of the project does not exceed 15 
                years, unless the lead agency grants an extension 
                pursuant to paragraph (3)(B).
                    (D) The State or local government has demonstrated, 
                through the application submitted under section 402, 
                that, based on prior rigorous experimental evaluations 
                or rigorous quasi-experimental studies, the 
                intervention can be expected to achieve each outcome 
                specified in the contract at the appropriate 
                quantitative level.
                    (E) The State, local government, intermediary, or 
                service provider has experience raising private or 
                philanthropic capital to fund social service 
                investments (if applicable to the project).
                    (F) The State or local government has shown that 
                each service provider has experience delivering the 
                intervention, a similar intervention, or has otherwise 
                demonstrated the expertise necessary to deliver the 
                intervention.
            (2) Payment.--The lead agency shall pay the State or local 
        government only if the independent evaluator described in 
        section 405 determines that the social impact bond project has 
        met the requirements specified in the contract and achieved an 
        outcome specified in the contract.
            (3) Limitation; optional extension to achieve savings.--
                    (A) In general.--Subject to subparagraph (B), the 
                lead agency may not enter into a contract for a social 
                impact bond project under paragraph (1) after the date 
                that is 5 years after the date of the enactment of this 
                Act.
                    (B) Extension.--If the lead agency determines that 
                a social impact bond project that has not achieved the 
                Federal savings it was projected to achieve would 
                achieve such savings if the project were continued for 
                a period that is not greater than 5 years, the lead 
                agency may extend the project for not more than 5 
                additional years without requiring the State or local 
                government conducting the project to resubmit an 
                application in accordance with section 402.
    (d) Notice of Contract Award.--Not later than 30 days after 
entering into a contract under this section, the lead agency shall 
publish a notice in the Federal Register that includes, with regard to 
such contract, the following:
            (1) The outcome goals of the social impact bond project.
            (2) A description of each intervention in the project.
            (3) The target population that will be served by the 
        project.
            (4) The expected social benefits to participants who 
        receive the intervention and others who may be impacted.
            (5) The detailed roles, responsibilities, and purposes of 
        each Federal, State, or local government entity, intermediary, 
        service provider, independent evaluator, investor, or other 
        stakeholder.
            (6) The payment terms, the methodology used to calculate 
        outcome payments, the payment schedule, and performance 
        thresholds.
            (7) The project budget.
            (8) The project timeline.
            (9) The project eligibility criteria.
            (10) The evaluation design.
            (11) The metrics that will be used to determine whether the 
        outcomes have been achieved and how these metrics will be 
        measured, including scenarios when only partial outcomes have 
        been achieved.
            (12) The estimate prepared by the State or local government 
        of the savings to the Federal, State, and local government, on 
        a program-by-program basis and in the aggregate, if the 
        contract is entered into and implemented and the outcomes are 
        achieved.

SEC. 404. FEASIBILITY STUDY FUNDING.

    (a) Requests for Funding for Feasibility Studies.--The lead agency 
shall reserve a portion of the funding provided in section 408 to 
assist States or local governments in developing feasibility studies 
required by section 402(c). To be eligible to receive funding to assist 
with completing a feasibility study, a State or local government shall 
submit an application for feasibility study funding containing the 
following information:
            (1) A description of the outcome goals of the social impact 
        bond project.
            (2) A description of the intervention, including 
        anticipated program design, target population, an estimate 
        regarding the number of individuals to be served, and setting 
        for the intervention.
            (3) Evidence to support the likelihood that such 
        intervention will produce the desired outcome.
            (4) The expected social benefits to participants who 
        receive the intervention and others who may be impacted.
            (5) Estimated costs to conduct the project.
            (6) Estimates of Federal, State, and local government 
        savings and other savings if the project is implemented and the 
        outcomes are achieved at the appropriate quantitative levels.
            (7) An estimated timeline for implementation and completion 
        of the project, which shall not exceed 15 years.
            (8) With respect to a project for which the State or local 
        government selects an intermediary to operate the project, any 
        partnerships needed to successfully execute the project, the 
        ability of the intermediary to foster such partnerships, the 
        identity of likely partners, and whether commitments to 
        participate in the project have been secured from such 
        partners.
            (9) The expected resources needed to complete the 
        feasibility study.
            (10) An assurance that the services provided by the State 
        or local government through the project will supplement and not 
        supplant any services provided by the State or local government 
        prior to the commencement of the project.
    (b) Federal Selection of Applications for Feasibility Study.--Not 
later than 6 months after receiving an application for feasibility 
study funding under subsection (a), the lead agency, in consultation 
with the Council and the head of any Federal agency administering a 
similar intervention or serving a population similar to that served by 
the project, shall select State or local government feasibility study 
proposals for funding based on the following:
            (1) The likelihood that the proposal will achieve the 
        desired outcome at the appropriate quantitative level.
            (2) The value of the outcome expected to be achieved.
            (3) The potential savings to the Federal Government if the 
        social impact bond project is successful.
            (4) The potential savings to the State and local 
        governments if the project is successful.
    (c) Public Disclosure.--Not later than 30 days after selecting a 
State or local government for feasibility study funding under this 
section, the lead agency shall publish on the website of the Council 
information explaining why a State or local government was granted 
feasibility study funding.
    (d) Funding Restriction.--
            (1) Feasibility study restriction.--The lead agency may not 
        provide feasibility study funding under this section for more 
        than 50 percent of the estimated total cost of the feasibility 
        study reported in the State or local government application 
        submitted under subsection (a).
            (2) Aggregate restriction.--Of the total amount 
        appropriated under section 408, the lead agency may not use 
        more than $5,000,000 to provide feasibility study funding to 
        States or local governments under this section.
    (e) Submission of Feasibility Study Required.--Not later than 6 
months after the receipt of feasibility study funding under this 
section, a State or local government receiving such funding shall 
complete the feasibility study and submit the study to the Council.

SEC. 405. EVALUATIONS.

    (a) Contract Authority.--For each State or local government awarded 
a social impact bond project approved by the lead agency under this 
title, the head of the relevant agency, as determined by the Council, 
shall enter into a contract with such State or local government to pay, 
from the amount made available under section 408, for an independent 
evaluation to determine whether the State or local government project 
has met an outcome specified in the contract at the appropriate 
quantitative level in order for the State or local government to 
receive outcome payments under this title.
    (b) Evaluator Qualifications.--The head of the relevant agency may 
not enter into a contract with a State or local government unless the 
head determines that the entity that will serve as the independent 
evaluator is independent of the other parties to the contract and has 
demonstrated substantial experience in conducting rigorous evaluations 
of program effectiveness including, where available, well-implemented 
randomized controlled trials on the intervention or similar 
interventions.
    (c) Methodologies To Be Used.--The evaluation used to determine 
whether a State or local government will receive outcome payments under 
this title shall use experimental designs using random assignment or 
other research methodologies that allow for the strongest possible 
causal inferences when random assignment is not feasible.
    (d) Progress Report.--
            (1) Submission of report.--The independent evaluator 
        shall--
                    (A) not later than two years after a project has 
                been approved by the lead agency and biannually 
                thereafter until the project is concluded, submit to 
                the head of the relevant agency and the Council a 
                written report summarizing the progress that has been 
                made in achieving each outcome specified in the 
                contract at the appropriate quantitative level; and
                    (B) at the scheduled time of the first outcome 
                payment and at the time of each subsequent payment, 
                submit to the head of the relevant agency and the 
                Council a written report that includes the results of 
                the evaluation conducted to determine whether an 
                outcome payment should be made along with information 
                on the unique factors that contributed to achieving or 
                failing to achieve the outcome, the challenges faced in 
                attempting to achieve the outcome, and information on 
                the improved future delivery of this or similar 
                interventions.
            (2) Submission to congress.--Not later than 30 days after 
        receipt of the written report pursuant to paragraph (1)(B), the 
        Council shall submit such report to each committee of 
        jurisdiction in the House of Representatives and the Senate.
    (e) Final Report.--
            (1) Submission of report.--Within 6 months after the social 
        impact bond project is completed, the independent evaluator 
        shall--
                    (A) evaluate the effects of the activities 
                undertaken pursuant to the contract with regard to each 
                outcome specified in the contract; and
                    (B) submit to the head of the relevant agency and 
                the Council a written report that includes the results 
                of the evaluation and the conclusion of the evaluator 
                as to whether the State or local government has 
                fulfilled each obligation of the contract, along with 
                information on the unique factors that contributed to 
                the success or failure of the project, the challenges 
                faced in attempting to achieve the outcome, and 
                information on the improved future delivery of this or 
                similar interventions.
            (2) Submission to congress.--Not later than 30 days after 
        receipt of the written report pursuant to paragraph (1)(B), the 
        Council shall submit such report to each committee of 
        jurisdiction in the House of Representatives and the Senate.
    (f) Limitation on Cost of Evaluations.--Of the amount made 
available for social impact bond projects in section 408, the lead 
agency may not obligate more than 15 percent to evaluate the 
implementation and outcomes of such projects.

SEC. 406. ROLE OF INTERAGENCY COUNCIL ON MULTIGENERATIONAL POVERTY.

    The Council shall--
            (1) coordinate the efforts of social impact bond projects 
        funded by this title;
            (2) advise and assist the lead agency in the development 
        and implementation of such projects;
            (3) advise the lead agency on specific programmatic and 
        policy matter related to such projects;
            (4) provide subject matter expertise to Council member 
        agencies with regard to such projects;
            (5) ensure that each State or local government that has 
        entered into a contract with the lead agency for a social 
        impact bond project under this title and each evaluator 
        selected by the head of the relevant agency under section 405 
        has access to Federal administrative data to assist the State 
        or local government and the evaluator in evaluating the 
        performance and outcomes of the project; and
            (6) address issues that will influence the future of social 
        impact bond projects in the United States.

SEC. 407. AVAILABILITY OF INFORMATION RELATED TO SOCIAL IMPACT BOND 
              PROJECTS.

    The Council shall make publicly available, on its official website, 
a description of the 2-generation program described in this title and 
information related to the social impact bond projects conducted under 
this title, including--
            (1) a copy of, or method of accessing, each notice 
        published regarding a social impact bond project pursuant to 
        such title; and
            (2) for each social impact bond project conducted under 
        such title--
                    (A) the outcome goals of such project described in 
                section 402(b);
                    (B) a description of each intervention in such 
                project;
                    (C) the target population to be served by such 
                project;
                    (D) the expected social benefits to participants 
                who receive intervention in each such project and other 
                individuals who may be impacted by such intervention;
                    (E) the detailed roles, responsibilities, and 
                purposes of each Federal, State, or local government 
                entity, intermediary, service provider, independent 
                evaluator, investor, or other stakeholder;
                    (F) the payment terms, methodology used to 
                calculate outcome payments, payment schedule, and 
                performance thresholds;
                    (G) the project budget;
                    (H) the project timeline;
                    (I) the project eligibility criteria;
                    (J) the evaluation design;
                    (K) the metrics used to determine whether the 
                proposed outcomes have been achieved and how these 
                metrics are measured;
                    (L) a copy of the progress reports and the final 
                reports described in section 405 relating to each 
                social impact bond project; and
                    (M) an estimate of the savings to Federal, State, 
                and local governments, on a program-by-program basis 
                and in the aggregate, resulting from the successful 
                completion of a social impact bond project.

SEC. 408. FUNDING.

    (a) In General.--Out of any money in the Treasury not otherwise 
appropriated, there is hereby appropriated $100,000,000, to remain 
available until 5 years after the date specified in section 403(c)(3), 
to carry out the activities authorized under this title.
    (b) Limitation.--Of the amounts made available under subsection 
(a), the lead agency may not use more than $1,000,000 in any fiscal 
year to support the review, approval, and oversight of social impact 
bond projects, including activities conducted by--
            (1) the Council; and
            (2) any other agency consulted by the lead agency before 
        approving a social impact bond project under section 403 or 
        awarding funding for a feasibility study under section 404.

SEC. 409. COMMUNITY REINVESTMENT ACT.

    Section 804 of the Community Reinvestment Act of 1977 (12 U.S.C. 
2903) is amended by adding at the end the following:
    ``(e) Social Impact Bond Projects.--In assessing and taking into 
account, under subsection (a), the record of a financial institution, 
the appropriate Federal financial supervisory agency shall consider, as 
a factor, investments made by the financial institution in social 
impact bond projects under title IV of the Two-Generation Economic 
Empowerment Act of 2017.''.
                                 <all>