The National Advisory Board that produced this report represents the diversity of the impact investing marketplace. We come from successful private enterprises, leading financial institutions, groundbreaking nonprofits, innovative universities, market-shaping investment funds, pioneering public agencies, and major foundations.

We come from different backgrounds, but we are united behind a clear vision of the future, one in which the federal government supports a bold vision of impact investing as an important tool for promoting the public benefit. Strong partnerships must be sustained and strengthened between government, private investors, foundations, intermediaries, the social sector, and entrepreneurs, in order to develop a thriving impact investing marketplace. And to reach its potential, this marketplace must provide investors with sufficient data to make informed investment decisions.

The policies described in this report—developed during an extensive review and consultation process (see appendix for further details)—range from modest to far-reaching. Neither the policies, nor the examples which illustrate them, are intended to be exhaustive representations of activity in impact investing. While state and local government have essential roles to play in further support of impact investing, these policies focus on the federal government. Some will require detailed and ongoing study; some entail staged change, building on the success of other policy recommendations. All, however, require immediate action to build support, develop model legislation or regulation, and enact the solutions that will help our communities, our country, and the world harness the power of private capital and entrepreneurial ingenuity to make lives better.