On Thursday, May 14, The National Prevention Science Coalition to Improve Lives (NPSC) sponsored a Capitol Hill briefing with speakers who focused on the economics of prevention. Much of the discussion focused on the use of Social Impact Bonds (SIB) and Pay for Success (PFS) strategies including legislation to support this performance-based financing of prevention.
The opening panel focused on financing strategies of prevention and included Phaedra Corso University of Georgia, Thomas Conroy , the Pew Charitable Trusts, and John Roman, Urban Institute. They discussed some of the expanding economic evidence that prevention does work and highlighted some of the home visiting programs. Panelists also discussed recent juvenile justice prevention initiatives and compared effective programs against past efforts that have failed such as the famous “scared straight” programs popular in the 1970s and 1980s.
Opening and closing remarks were provided by Congressman Bobby Scott (D-VA), and bill sponsors HR1336, the Social Impact Partnership Act, Representative Todd Young (R-IN) and Representative John Delaney (D-MD). The legislation would add a third section to SSBG and provide an additional $300 million to fund a range of projects that would provide incentives for investment into addressing a range of social challenges.