I
119THCONGRESS
1
STSESSION H. R. 1764
To accord securities issued by the International Development Association
the same exemption from the securities laws that applies to the securities
of other multilateral development banks in which the United States
is a member.
IN THE HOUSE OF REPRESENTATIVES
MARCH3, 2025
Ms. W
ATERSintroduced the following bill; which was referred to the
Committee on Financial Services
A BILL
To accord securities issued by the International Development
Association the same exemption from the securities laws
that applies to the securities of other multilateral devel-
opment banks in which the United States is a member.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Aligning SEC Regula-4
tions for the World Bank’s International Development As-5
sociation Act’’. 6
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SEC. 2. EXEMPTION OF SECURITIES OF THE INTER-1
NATIONAL DEVELOPMENT ASSOCIATION 2
FROM THE SECURITIES LAWS. 3
(a) I
NGENERAL.—The International Development 4
Association Act (22 U.S.C. 284–284cc) is amended by 5
adding at the end the following: 6
‘‘SEC. 32. EXEMPTION OF SECURITIES OF THE INTER-7
NATIONAL DEVELOPMENT ASSOCIATION 8
FROM THE SECURITIES LAWS. 9
‘‘(a) E
XEMPTIONFROMSECURITIESLAWS; REPORTS 10
TOSECURITIES ANDEXCHANGECOMMISSION.—Any secu-11
rities issued by the Association (including any guaranty 12
by the Association, whether or not limited in scope) and 13
any securities guaranteed by the Association as to both 14
principal and interest shall be deemed to be exempted se-15
curities within the meaning of section 3(a)(2) of the Secu-16
rities Act of 1933 (15 U.S.C. 77c(a)(2)) and section 17
3(a)(12) of the Securities Exchange Act of 1934 (15 18
U.S.C. 78c(a)(12)). The Association shall file with the Se-19
curities and Exchange Commission such annual and other 20
reports with regard to such securities as the Commission 21
shall determine to be appropriate in view of the special 22
character of the Association and its operations and nec-23
essary in the public interest or for the protection of inves-24
tors. 25
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•HR 1764 IH
‘‘(b) AUTHORITY OF SECURITIES AND EXCHANGE 1
C
OMMISSIONTOSUSPENDEXEMPTION; REPORTS TO 2
C
ONGRESS.—The Securities and Exchange Commission, 3
acting in consultation with the National Advisory Council 4
on International Monetary and Financial Problems, is au-5
thorized to suspend the provisions of subsection (a) of this 6
section at any time as to any or all securities issued or 7
guaranteed by the Association during the period of such 8
suspension. The Commission shall include in its annual 9
reports to the Congress such information as it shall deem 10
advisable with regard to the operations and effect of this 11
section.’’. 12
(b) E
FFECTIVEDATE.— 13
(1) I
N GENERAL.—The amendment made by 14
subsection (a) shall take effect 30 days after the 15
date of enactment of this Act. 16
(2) E
XCEPTION.—Notwithstanding paragraph 17
(1), the amendment made by subsection (a) shall not 18
take effect if, before the effective date described 19
under paragraph (1), the Secretary of the Treasury 20
reports to the Committee on Financial Services of 21
the House of Representatives and the Committee on 22
Banking, Housing, and Urban Affairs of the Senate 23
that the International Development Association is 24
providing financial assistance to any country the 25
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•HR 1764 IH
government of which the Secretary of State has de-1
termined, for purposes of section 6(j) of the Export 2
Administration Act of 1979, section 620A of the 3
Foreign Assistance Act of 1961, or section 40 of the 4
Arms Export Control Act, to be a government that 5
has repeatedly provided support for acts of inter-6
national terrorism. 7
Æ
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