WASHINGTON, D.C. – U.S. Rep. Dennis Ross (R-FL-15), member of the House Committee on Financial Services, signed onto the Social Impact Bond Act, bipartisan legislation that will encourage and support partnerships between the public and private sectors to improve our nation’s social programs.
WASHINGTON, D.C. – U.S. Rep. Dennis Ross (R-FL-15), member of the House Committee on Financial Services, signed onto the Social Impact Bond Act, bipartisan legislation that will encourage and support partnerships between the public and private sectors to improve our nation’s social programs.
“Though the social programs of our nation are superior to those of other countries’, I feel they can be improved further,” said Ross. The Social Impact Bond Act would cut government spending, saving American tax dollars, by using monies from the private sector. I’d like to improve the impact of social programs for Floridians that often fall short because of a lack of funding. But I also work to service tax payers with relief from wasteful spending. The Social Impact Bond Act mends this gap which is why I co-sponsored the legislation.
“A program would be requested through a Social Impact Bond feasibility study and brought to the attention of the Department of Treasury for approval on funding the program. A perfect example would be my office submitting a proposal on a project that would find work for the unemployed in Polk and Hillsborough County. Another example would be a proposal on funding to improve the our local high school graduation rates. The Department of Treasury would then pay the State or local government if the evaluator determines the project achieved its goal.
“Now, more than ever, do we need to relieve taxpayers of paying for the social programs provided by the government. This act could administer up to $10,000,000 to support Florida’s 15th district, and other states, in developing these programs.”
Funding for the Social Impact Bond Act would be provided through a one-time mandatory appropriation of $300 million. The funding would be used to pay for the positive outcomes of Social Impact Bond projects, to fund feasibility studies and to pay for evaluations of Social Impact Bond projects.
The Department of Treasury would be allowed to spend up to $1,000,000 each year for federal technical assistance in the development or support of Social Impact Bond projects.
Reps. who introduced this legislation are Todd Young (R-IN-9) and John Delaney (D-MD-6). Co-sponsors are Dennis Ross (R-FL-15), Tim Griffin (R-AR2), John Larson (D-CT-1), Tom Reed (R-NY-23), Jared Polis (D-CO-2), Joe Kennedy (D-MA-4), and Aaron Schock (R-IL-18).
# # #
