IB
Union Calendar No. 15
119THCONGRESS
1
STSESSION H. R. 1764
[Report No. 119–25]
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
M
ARCH21, 2025
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed in italic]
[For text of introduced bill, see copy of bill as introduced on March 3, 2025]
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•HR 1764 RH
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.
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•HR 1764 RH
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 Asso-5
ciation Act’’. 6
SEC. 2. EXEMPTION OF SECURITIES OF THE INTER-7
NATIONAL DEVELOPMENT ASSOCIATION 8
FROM THE SECURITIES LAWS. 9
(a) I
NGENERAL.—The International Development As-10
sociation Act (22 U.S.C. 284 et seq.) is amended by adding 11
at the end the following: 12
‘‘SEC. 33. EXEMPTION OF SECURITIES OF THE INTER-13
NATIONAL DEVELOPMENT ASSOCIATION 14
FROM THE SECURITIES LAWS. 15
‘‘(a) E
XEMPTIONFROMSECURITIESLAWS; REPORTS 16
TOSECURITIES ANDEXCHANGECOMMISSION.—Any securi-17
ties issued by the Association (including any guaranty by 18
the Association, whether or not limited in scope) and any 19
securities guaranteed by the Association as to both prin-20
cipal and interest shall be deemed to be exempted securities 21
within the meaning of section 3(a)(2) of the Securities Act 22
of 1933 (15 U.S.C. 77c(a)(2)) and section 3(a)(12) of the 23
Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(12)). 24
The Association shall file with the Securities and Exchange 25
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•HR 1764 RH
Commission such annual and other reports with regard to 1
such securities as the Commission shall determine to be ap-2
propriate in view of the special character of the Association 3
and its operations and necessary in the public interest or 4
for the protection of investors. 5
‘‘(b) A
UTHORITY OF SECURITIES AND EXCHANGE 6
C
OMMISSION TOSUSPENDEXEMPTION; REPORTS TOCON-7
GRESS.—The Securities and Exchange Commission, acting 8
in consultation with the National Advisory Council on 9
International Monetary and Financial Problems, is author-10
ized to suspend the provisions of subsection (a) of this sec-11
tion at any time as to any or all securities issued or guar-12
anteed by the Association during the period of such suspen-13
sion. The Commission shall include in its annual reports 14
to the Congress such information as it shall deem advisable 15
with regard to the operations and effect of this section.’’. 16
(b) E
FFECTIVEDATE.— 17
(1) I
N GENERAL.—The amendment made by sub-18
section (a) shall take effect 30 days after the date of 19
enactment of this Act. 20
(2) E
XCEPTION.—Notwithstanding paragraph 21
(1), the amendment made by subsection (a) shall not 22
take effect if, before the effective date described under 23
paragraph (1), the Secretary of the Treasury reports 24
to the Committee on Financial Services of the House 25
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•HR 1764 RH
of Representatives and the Committee on Banking, 1
Housing, and Urban Affairs of the Senate that the 2
International Development Association is providing 3
financial assistance to any country the government of 4
which the Secretary of State has determined, for pur-5
poses of section 6(j) of the Export Administration Act 6
of 1979, section 620A of the Foreign Assistance Act 7
of 1961, or section 40 of the Arms Export Control 8
Act, to be a government that has repeatedly provided 9
support for acts of international terrorism. 10
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kjohnson on DSK7ZCZBW3PROD with $$_JOB Union Calendar No.
15
119
TH
CONGRESS
1
ST
S
ESSION
H. R. 1764
[Report No. 119–25]
A BILL
To accord securities issued by the International De-
velopment 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.
M
ARCH
21, 2025
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union,
and ordered to be printed
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