Todd Young: “I want to thank the gentleman from Maryland for his hard work on this important amendment and for his leadership.…”

“I want to thank the gentleman from Maryland for his hard work on this important amendment and for his leadership. Currently, teacher attrition costs the United States over $1 billion each year. Many teachers leave within the first 5 years because of a lack of effective mentoring, training, and support. Providing these teachers with effective, evidence-based training through a Pay for Success model will not only save the government money, it will also help to retain top talent in the classroom. Madam Chair, this amendment would do just that. It would give States and local school districts the ability to participate in this innovative new financing model in order to retain our best teachers. Now, Pay for Success projects, also known as social impact bonds or social impact partnerships, are public-private partnerships that harness philanthropic and other private sector investments to scale up scientifically proven social and educational programs. Because these projects are focused on results, government money is only paid out to private sector investors when desired outcomes are met and only in accordance with the value assigned to those successful outcomes. This social impact financing model has the potential to fundamentally transform our Nation's education programs, shifting the focus of such programs from inputs to outcomes. I want to thank the gentleman from Maryland, the gentleman from Colorado, and others for their leadership on this issue.…”