Sir Ronald Cohen is on a roll and pushing social finance forward while California examines the possibilities for social investment. SIBs on a roll once again…
Even if Sir Ronald Cohen’s ambitious venture to establish a social investment bank in Israel to revolutionize the non-profit sector succeeds, historians will have a hard time romanticizing the meetings that turned the vision into a reality. Unlike other revolutionaries who changed history in shiny laboratories or in dingy basements, Cohen held his meetings on the 35th floor of the Azrieli Triangle Tower.
Struggling Israelis rushing about in the sweaty streets below, who may benefit from the revolution in the future, look like soulless ants from the heights of the tower. The fact that some of the revolutionaries for the future are wearing sharply-tailored suits and talk about bonds, interest rates, and regulators, while noshing on fine danishes, does not help.
The Sacramento Bee
Senate President Pro Tem Darrell Steinberg, D-Sacramento, raised some eyebrows when he proposed a bill that would boost schools by having the private sector invest in “social investment bonds” that would give an economic incentive for funding social goals. Corporations get a payoff if their contribution raises academic performance.
A joint hearing of the committee on Business, Professions And Economic Development and the Select Committee On Procurement today is examining the potential of other “socially innovative financing” plans.