 Thank you so much to be here, and I'm particularly honored to follow Bill Drayton, who is a legend in the field, the original social entrepreneur, and someone who has really paved the way for many of us. What a lot of people don't know about Bill Drayton is that he shares a name with another real, let's say, innovator in another space, the music space, the famous musician Flavor Flav from Public Enemy, also named William Drayton. So I would say Flavor Flav is in great company, and so is the Bill Drayton, who was just on the stage. So I'm really happy to be here with you. I feel like I'm among my people. I spent 10 years in social entrepreneurship and impact investing before I came to the White House. I've been with the White House Office of Social Innovation for about a little over two years, and I'm in a White House right now that's feeling good about things. We have had another great jobs report that just came out last week, more significant than that. That tacked on another month, such that we've now had 67 straight consecutive months of job growth. So that's a big deal. In fact, it's a record since we've been keeping track. Unemployment is down to 5.1%. We have created, since 2010, 865,000 manufacturing jobs in the United States. So factories are opening right now at the fastest rate in 20 years. In the last year alone, global investment in the U.S. manufacturing has doubled and it's creating great jobs. Inflation is down. Gas prices are down. Solar confidence is up. Despite all this economic growth, we are using less energy overall, but much more clean energy. So solar capacity alone has grown 5X in the last five years. It's quintupled in five years. So we're happy about that and we're seeing good progress on social indicators as well. Rates of teen pregnancy are down. Rates of incarceration are down. Rates of veterans homelessness are down. In fact, we've reduced veterans homelessness by one-third, a level of reduction that many didn't think possible and we're not stopping there. We're still making progress on that. Health insurance, you may have noticed that in this administration, we talk about that topic occasionally. And so all that talking and some real hard work and action has paid off. And today, 13 million more Americans have health insurance than when President Obama opened office, came to office. And yeah, it's an accomplishment, not despite some really technical difficulties, which is why I'm going to be using this today. We're going low tech. So here's one of my favorite accomplishments and then I'll stop bearing you in stats, which is that high school graduation rates in the United States are the highest they have ever been. They're the highest on record across all demographics. So that's something people don't know, but we're very proud of and excited about. So we've made a lot of progress during this administration. But the president is also very aware that not everyone has benefited equally from the recent progress. Far too many are still left behind. Far too many are still struggling to get on their feet, still working three jobs to make ends meet, staying up late, wondering how they'll support their family. So here's a stat that's not as comfortable. We know that due to no fault of their own 16 million children, 20 percent of children in the United States are born into poverty, grow up in poverty. We also know that the circumstances of their birth and their childhood will far too often dictate their opportunities and curb their potential. These children will have worse outcomes across every metric. They will be less prepared for kindergarten. They will endure higher rates of child abuse and neglect. As they grow up, they will have greater likelihood of teen pregnancy. They will be less likely to graduate from high school. They will have higher rates of incarceration. They will have higher rates of unemployment. They will have lower levels of income and lifetime earnings. And they will have higher likelihood of chronic disease. This is a national challenge. We know that the people in this room are working on that. And there's no higher priority for President Obama than addressing these challenges and continuing to make progress. And more than any president before him, President Obama knows that social entrepreneurs, impact investors, social innovators are an essential part of the solution. Yours or sectors that are still young are still making their way to reaching their full potential and therefore will be increasingly meaningful in addressing these challenges by creating more stable communities, jobs where we need the most, and creative new solutions that boldly take on challenges that we thought were intractable. So we are bullish on the SOCAP community. The promise and growth and impact that you have shown are among the reasons that the president created the Office of Social Innovation. So what is my office up to? So I'll share just two things. First, our focus on the critical role of impact investing in scaling up the work of high impact social interventions, the ones that social entrepreneurs are developing, to measurably move the needle on critical challenges. And second, I'll talk about some recent policy victories through the National Advisory Board on impact investing, which has been advancing impact investing and the communities that impact investing supports. So let's start with scaling those high impact interventions. A big part of our mission in the White House Office of Social Innovation is to create a more outcomes driven social sector. And so we've been busy helping to create and catalyze a market for social outcomes. And impact investing is playing a big and indispensable role in creating and growing that market. But since I'm with business people, I thought I'd take a moment to share a little of the value proposition of finding the interventions that are working best and achieving the best outcomes. And what that could mean on a national scale. And one could also make implications on an international scale. So there are a number of estimates. And the camera is going to help you see this, I'm hoping. There are a number of estimates of total federal, state, local, social spending. One of the more conservative ones is $800 billion a year. That is, that we spend $800 billion a year on social service delivery. If you've never seen $800 billion before, that's exactly what it looks like. And of course, we spend that across issue areas. Early childhood, K through 12 education, child welfare and foster care, community economic development, affordable housing, homelessness, chronic disease management, workforce development, et cetera. And the only reason that we spend resources on these issues and for these people is to get better outcomes for the individuals we're serving. And so we are definitely getting outcomes for the resources that we're spending. But the challenge is we too often don't know what they are. Actually, our first director of the Office of Management and Budget at the White House, Peter Orszag, some of you may have heard of him, says that we have evidence of impact for 1% of total discretionary federal spending. Now, we actually quibble with this number. But the point is well taken that we don't know enough about the impacts that we're achieving for the dollars that we're spending. So we know some other things. We know that this $800 billion is not meeting current need. I talked about some of the statistics before. We're not meeting current need. We also know that it's unlikely at the federal level, at state and local level, that this number, this combined number, is going to go up significantly anytime soon. It might be hard for some of you to imagine the president and Congress getting together agreeing to spend substantially more on social services delivering. And that's true in state houses and mayor's offices. So a lot of public policy making and resource spending is dealing with what mathematicians might call a fixed set. And I heard a governor say that a lot of policy making is robbing Peter to pay Paul. We don't have additional resources to add, so if we want to find money for a new program, we need to find it somewhere else. So that is a challenge. And what we're doing when we do that is we're taking resources from one program that we've never studied how well it works. And we're putting them into another program that we will never study how well it works. So that's the bad news. The good news is that we know we have interventions that are working 30% and 50% and 70% better than business as usual. Whether it's high quality pre-K or nurse home visiting or solutions that are reducing recidivism or reducing the likelihood of childhood abuse and neglect, they are working very well. And so we're working on a program now, Veterans with PTSD, that is connecting them with jobs 270% better than our normal interventions. It's got 22 randomized control trials. So we know certain solutions are working better. What if, and here's the value proposition I was talking about, what if we were down here at this side? And I hope someone can see this on a screen. Oh, we can. That's great. What if we could get, on average, 25% better outcomes, just as a thought experiment, 25% better outcomes for the resources we're spending? Well, that would mean that we would have more buying power. The effective equivalent of 25% of $800 billion. Anybody know what that is? I already wrote it, sorry. $200 billion. So our Congressional Budget Office scored Obamacare, ACA, at $120 billion. We know that $200 billion is like Harry Truman Great Society level investment in social services. And that's what we can achieve by investing in what works. One of our top solutions for this is pay for success. You may have heard of social impact bonds. That is an incredibly important market, enabling government to invest in these solutions that work. I'm not going to go into it because there's going to be a whole session on it. But I want to, for the social investors in the room, I want to convey to you that to date in this market, we're the largest market in the world, $100 million, over $100 million invested. And that demand for capital is going to grow substantially. And to date, supply of capital has been greater than demand. That has real danger of flipping. And as it does, these promising projects are really going to be at risk. We're seeing a lot of potential with high net worth individuals, with CDFIs, and with corporate foundations. Google.org just invested in a pay for success transaction to reduce chronic homelessness right up the street in Santa Clara County. But we hope that folks will look at this market. In addition, so we're very enthusiastic about that, it's the centerpiece of the Office of Social Innovation's agenda. I also want to quickly talk about the National Advisory Board for Impact Investing. The members of that in 2013 were announced here at SoCAP. We've got a long history of the White House and SoCAP with the National Advisory Board. Last year, we announced policy recommendations and that were published. And I'm here, there were a lot of skeptics about, well, how useful is what's going to happen? We're going to create a task force and nothing happens. Well, I'm here to tell you today that we're making real progress. The Treasury Department just delivered on a major recommendation. And so we are thrilled that the Treasury Department has made it clear that private foundations, which have over $600 billion in assets, can invest their corporates in mission related investments. This clears a major barrier and provides very significant new access to capital. There are many other policy recommendations of the NAB that are making their way. We have bipartisan support in Congress for the core recommendation on pay for success. And as you know, we're looking at solutions that can unlock $3 trillion in federally regulated pension funds. And so the Department of Labor is looking at that. We're hopeful we'll have a good solution. As much as anything, these solutions are about unlocking the capital for the social entrepreneurs in this room, providing the resources to scale the programs and businesses that are going to move the needle. So on behalf of the president, I want to thank you for your time and your dedication and your passion. We have so far to go, and we're so thrilled of your progress. Thank you.