Third Sector Testifies at California Hearing on Social Innovation Finance

Third Sector recently testified at an informational hearing on social innovation finance (SIF) held by the California state legislature. The hearing, What is the Role of Social Innovation Financing in California?: Are we ready for Social Impact Bonds, was called by the Business, Professions & Economic Development Committee and the Select Committee on Procurement. Senators Curren Price and Ted Lieu chaired the hearing.

Invited by the California legislature to share information about Third Sector's experience developing and implementing SIF projects around the country, Caroline Whistler, Third Sector Co-Founder & Partner, testified about the Massachusetts' juvenile justice project and Third Sector's work in Santa Clara County, CA. "Educating government leaders is a critical step in developing interest in and support for Pay for Success projects," said Whistler. "The California hearing was an opportunity to inform state officials about existing government approaches to social innovation finance, and how state leaders might consider pursuing Pay for Success in California."

17 speakers participated in the hearing, including Annie Donovan (White House Office of Social Innovation & Civic Participation), Jeffrey Liebman (Harvard Social Impact Bond Technical Assistance Lab), Ian Galloway (San Francisco Federal Reserve), Carla Javits (REDF), and Gary Graves (COO, County of Santa Clara).

A video of the hearing is available here.

Caroline Whistler, Co-Founder & Partner, speaking at the California State legislature hearing on social innovation finance - June 24, 2013