Hatch, Bennet introduce Social Impact Partnership Act

U.S. Sen. Orrin Hatch (R-UT), along with fellow Sen. Michael Bennet (D-CO), on Monday introduced the Social Impact Partnership Act bipartisan legislation designed to improve the results of social and public health programs.

“This legislation encourages healthy competition and promotes ingenuity within the social service contract awards process, and I’m proud to reintroduce this bill with Senator Bennet,” Hatch, chairman of the Senate Finance Committee, said. “The Hatch-Bennet Social Impact Partnership Act will spur innovation and teamwork within the public and private sectors while making a positive impact on social and public health programs. This bill will keep control in hands of local leaders, reduce the federal bureaucracy, and help improve outcomes for those who use the services and the taxpayers that pay for them.”

The Social Impact Partnership Act would channel resources to states and local community areas in support of innovative public-private partnerships designed to minimize social and public health challenges, while building a new system that makes more efficient use of taxpayer funds. Under the Hatch-Bennett bill, the U.S. Government would establish a benchmark defining desired outcomes of social concerns that, when achieved, would result in an improved quality of life. These agreements are also referred to as social impact bonds, or pay-for-performance social contracts.

“Social impact partnerships empower Colorado, and other state and local governments to find innovative and more accountable ways to deliver crucial services and save taxpayer dollars,” Bennet said. “These public-private partnerships represent a shift to a model of government where results matter and where we pay for competence. Supporting targeted early interventions will help improve outcomes in health care, education, job training, child care, homelessness and a range of other government services.”