HOUSE_OVERSIGHT_030324.txt

The document discusses a new approach to funding government programs called pay for success bonds or social impact bonds. Instead of taxpayers providing initial funding and receiving no refund if the program doesn't work, nonprofit groups like foundations fund the program and are reimbursed by the government only if it meets agreed-upon benchmarks. The idea is being tested in places like Britain and Massachusetts, with President Obama proposing to allocate $100 million for seven such pilot programs.