Financial Innovation Addresses Social Challenges – Is Washin

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Financial Innovation Addresses Social Challenges – Is Washin

Postby NisanBaha » Tue Nov 24, 2015 12:51 pm

With Republicans in control of both the House and the Senate for the first time since 2006, and President Barack Obama in the final two years of his presidency, there may be a chance to break through the gridlock, just as former President Bill Clinton and a Republican Congress did on welfare reform almost 20 years ago. One promising area for possible bipartisan collaboration lies in the so-called “pay for success” model for addressing social problems. Under “pay for success,” government’s contribution and impact is not measured just in the dollars spent but in lives actually improved. Institutions such as Goldman Sachs, Bank of America-Merrill Lynch, BNY Mellon, Morgan Stanley, JPMorgan Chase and others have worked with state and local governments to pioneer and explore these products, which are often known as social impact bonds or investments. New York Times columnist David Brooks recently wrote about how this type of investment is now entering the mainstream and is a promising tool to address social problems.
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