Us Congress 2025-2026 Regular Session

Us Congress House Bill HB1764 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	IB
2		-	Union Calendar No. 15
	1	+	I
3	2		119THCONGRESS
4	3		1
5	4		STSESSION H. R. 1764
6		-	[Report No. 119–25]
7	5		To accord securities issued by the International Development Association
8	6		the same exemption from the securities laws that applies to the securities
9	7		of other multilateral development banks in which the United States
10	8		is a member.
11	9		IN THE HOUSE OF REPRESENTATIVES
12	10		MARCH3, 2025
13	11		Ms. W
14	12		ATERSintroduced the following bill; which was referred to the
15	13		Committee on Financial Services
16		-	M
17		-	ARCH21, 2025
18		-	Reported with an amendment, committed to the Committee of the Whole
19		-	House on the State of the Union, and ordered to be printed
20		-	[Strike out all after the enacting clause and insert the part printed in italic]
21		-	[For text of introduced bill, see copy of bill as introduced on March 3, 2025]
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24		-	•HR 1764 RH
25	14		A BILL
26	15		To accord securities issued by the International Development
27	16		Association the same exemption from the securities laws
28	17		that applies to the securities of other multilateral devel-
29	18		opment banks in which the United States is a member.
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33	19		Be it enacted by the Senate and House of Representa-1
34	20		tives of the United States of America in Congress assembled, 2
35	21		SECTION 1. SHORT TITLE. 3
36	22		This Act may be cited as the ‘‘Aligning SEC Regula-4
37		-	tions for the World Bank’s International Development Asso-5
38		-	ciation Act’’. 6
39		-	SEC. 2. EXEMPTION OF SECURITIES OF THE INTER-7
	23	+	tions for the World Bank’s International Development As-5
	24	+	sociation Act’’. 6
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	28	+	SEC. 2. EXEMPTION OF SECURITIES OF THE INTER-1
	29	+	NATIONAL DEVELOPMENT ASSOCIATION 2
	30	+	FROM THE SECURITIES LAWS. 3
	31	+	(a) I
	32	+	NGENERAL.—The International Development 4
	33	+	Association Act (22 U.S.C. 284–284cc) is amended by 5
	34	+	adding at the end the following: 6
	35	+	‘‘SEC. 32. EXEMPTION OF SECURITIES OF THE INTER-7
40	36		NATIONAL DEVELOPMENT ASSOCIATION 8
41	37		FROM THE SECURITIES LAWS. 9
42		-	(a) I
43		-	NGENERAL.—The International Development As-10
44		-	sociation Act (22 U.S.C. 284 et seq.) is amended by adding 11
45		-	at the end the following: 12
46		-	‘‘SEC. 33. EXEMPTION OF SECURITIES OF THE INTER-13
47		-	NATIONAL DEVELOPMENT ASSOCIATION 14
48		-	FROM THE SECURITIES LAWS. 15
49	38		‘‘(a) E
50		-	XEMPTIONFROMSECURITIESLAWS; REPORTS 16
51		-	TOSECURITIES ANDEXCHANGECOMMISSION.—Any securi-17
52		-	ties issued by the Association (including any guaranty by 18
53		-	the Association, whether or not limited in scope) and any 19
54		-	securities guaranteed by the Association as to both prin-20
55		-	cipal and interest shall be deemed to be exempted securities 21
56		-	within the meaning of section 3(a)(2) of the Securities Act 22
57		-	of 1933 (15 U.S.C. 77c(a)(2)) and section 3(a)(12) of the 23
58		-	Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(12)). 24
59		-	The Association shall file with the Securities and Exchange 25
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	39	+	XEMPTIONFROMSECURITIESLAWS; REPORTS 10
	40	+	TOSECURITIES ANDEXCHANGECOMMISSION.—Any secu-11
	41	+	rities issued by the Association (including any guaranty 12
	42	+	by the Association, whether or not limited in scope) and 13
	43	+	any securities guaranteed by the Association as to both 14
	44	+	principal and interest shall be deemed to be exempted se-15
	45	+	curities within the meaning of section 3(a)(2) of the Secu-16
	46	+	rities Act of 1933 (15 U.S.C. 77c(a)(2)) and section 17
	47	+	3(a)(12) of the Securities Exchange Act of 1934 (15 18
	48	+	U.S.C. 78c(a)(12)). The Association shall file with the Se-19
	49	+	curities and Exchange Commission such annual and other 20
	50	+	reports with regard to such securities as the Commission 21
	51	+	shall determine to be appropriate in view of the special 22
	52	+	character of the Association and its operations and nec-23
	53	+	essary in the public interest or for the protection of inves-24
	54	+	tors. 25
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	57	+	•HR 1764 IH
	58	+	‘‘(b) AUTHORITY OF SECURITIES AND EXCHANGE 1
	59	+	C
	60	+	OMMISSIONTOSUSPENDEXEMPTION; REPORTS TO 2
	61	+	C
	62	+	ONGRESS.—The Securities and Exchange Commission, 3
	63	+	acting in consultation with the National Advisory Council 4
	64	+	on International Monetary and Financial Problems, is au-5
	65	+	thorized to suspend the provisions of subsection (a) of this 6
	66	+	section at any time as to any or all securities issued or 7
	67	+	guaranteed by the Association during the period of such 8
	68	+	suspension. The Commission shall include in its annual 9
	69	+	reports to the Congress such information as it shall deem 10
	70	+	advisable with regard to the operations and effect of this 11
	71	+	section.’’. 12
	72	+	(b) E
	73	+	FFECTIVEDATE.— 13
	74	+	(1) I
	75	+	N GENERAL.—The amendment made by 14
	76	+	subsection (a) shall take effect 30 days after the 15
	77	+	date of enactment of this Act. 16
	78	+	(2) E
	79	+	XCEPTION.—Notwithstanding paragraph 17
	80	+	(1), the amendment made by subsection (a) shall not 18
	81	+	take effect if, before the effective date described 19
	82	+	under paragraph (1), the Secretary of the Treasury 20
	83	+	reports to the Committee on Financial Services of 21
	84	+	the House of Representatives and the Committee on 22
	85	+	Banking, Housing, and Urban Affairs of the Senate 23
	86	+	that the International Development Association is 24
	87	+	providing financial assistance to any country the 25
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63		-	Commission such annual and other reports with regard to 1
64		-	such securities as the Commission shall determine to be ap-2
65		-	propriate in view of the special character of the Association 3
66		-	and its operations and necessary in the public interest or 4
67		-	for the protection of investors. 5
68		-	‘‘(b) A
69		-	UTHORITY OF SECURITIES AND EXCHANGE 6
70		-	C
71		-	OMMISSION TOSUSPENDEXEMPTION; REPORTS TOCON-7
72		-	GRESS.—The Securities and Exchange Commission, acting 8
73		-	in consultation with the National Advisory Council on 9
74		-	International Monetary and Financial Problems, is author-10
75		-	ized to suspend the provisions of subsection (a) of this sec-11
76		-	tion at any time as to any or all securities issued or guar-12
77		-	anteed by the Association during the period of such suspen-13
78		-	sion. The Commission shall include in its annual reports 14
79		-	to the Congress such information as it shall deem advisable 15
80		-	with regard to the operations and effect of this section.’’. 16
81		-	(b) E
82		-	FFECTIVEDATE.— 17
83		-	(1) I
84		-	N GENERAL.—The amendment made by sub-18
85		-	section (a) shall take effect 30 days after the date of 19
86		-	enactment of this Act. 20
87		-	(2) E
88		-	XCEPTION.—Notwithstanding paragraph 21
89		-	(1), the amendment made by subsection (a) shall not 22
90		-	take effect if, before the effective date described under 23
91		-	paragraph (1), the Secretary of the Treasury reports 24
92		-	to the Committee on Financial Services of the House 25
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96		-	of Representatives and the Committee on Banking, 1
97		-	Housing, and Urban Affairs of the Senate that the 2
98		-	International Development Association is providing 3
99		-	financial assistance to any country the government of 4
100		-	which the Secretary of State has determined, for pur-5
101		-	poses of section 6(j) of the Export Administration Act 6
102		-	of 1979, section 620A of the Foreign Assistance Act 7
103		-	of 1961, or section 40 of the Arms Export Control 8
104		-	Act, to be a government that has repeatedly provided 9
105		-	support for acts of international terrorism. 10
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108		-	15
109		-	119
110		-	TH
111		-	CONGRESS
112		-	1
113		-	ST
114		-	S
115		-	ESSION
116		-
117		-	H. R. 1764
118		-	[Report No. 119–25]
119		-	A BILL
120		-	To accord securities issued by the International De-
121		-	velopment Association the same exemption from
122		-	the securities laws that applies to the securities
123		-	of other multilateral development banks in which
124		-	the United States is a member.
125		-	M
126		-	ARCH
127		-	21, 2025
128		-	Reported with an amendment, committed to the Com-
129		-	mittee of the Whole House on the State of the Union,
130		-	and ordered to be printed
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	90	+	•HR 1764 IH
	91	+	government of which the Secretary of State has de-1
	92	+	termined, for purposes of section 6(j) of the Export 2
	93	+	Administration Act of 1979, section 620A of the 3
	94	+	Foreign Assistance Act of 1961, or section 40 of the 4
	95	+	Arms Export Control Act, to be a government that 5
	96	+	has repeatedly provided support for acts of inter-6
	97	+	national terrorism. 7
	98	+	Æ
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