119-hr1764

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1764 Referred in Senate

    (RFS) ]

<DOC>
119th CONGRESS
 1st Session
 H. R. 1764

_______________________________________________________________________

 IN THE SENATE OF THE UNITED STATES

 July 22, 2025

Received; read twice and referred to the Committee on Banking, Housing, 
 and Urban Affairs

_______________________________________________________________________

 AN ACT

 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.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

 This Act may be cited as the ``Aligning SEC Regulations for the 
World Bank's International Development Association Act''.

SEC. 2. EXEMPTION OF SECURITIES OF THE INTERNATIONAL DEVELOPMENT 
 ASSOCIATION FROM THE SECURITIES LAWS.

    (a) In General.--The International Development Association Act (22 
U.S.C. 284 et seq.) is amended by adding at the end the following:

``

SEC. 33. EXEMPTION OF SECURITIES OF THE INTERNATIONAL DEVELOPMENT 
 ASSOCIATION FROM THE SECURITIES LAWS.

 ``

    (a) Exemption From Securities Laws; Reports to Securities and 
Exchange Commission.--Any securities issued by the Association 
(including any guaranty by the Association, whether or not limited in 
scope) and any securities guaranteed by the Association as to both 
principal and interest shall be deemed to be exempted securities within 
the meaning of 

section 3

    (a)

    (2) of the Securities Act of 1933 (15 U.S.C. 
77c

    (a)

    (2) ) and 

section 3

    (a)

    (12) of the Securities Exchange Act of 1934 
(15 U.S.C. 78c

    (a)

    (12) ). The Association shall file with the Securities 
and Exchange Commission such annual and other reports with regard to 
such securities as the Commission shall determine to be appropriate in 
view of the special character of the Association and its operations and 
necessary in the public interest or for the protection of investors.
 ``

    (b) Authority of Securities and Exchange Commission to Suspend 
Exemption; Reports to Congress.--The Securities and Exchange 
Commission, acting in consultation with the National Advisory Council 
on International Monetary and Financial Problems, is authorized to 
suspend the provisions of subsection

    (a) of this section at any time as 
to any or all securities issued or guaranteed by the Association during 
the period of such suspension. The Commission shall include in its 
annual reports to the Congress such information as it shall deem 
advisable with regard to the operations and effect of this section.''.

    (b) Effective Date.--

    (1) In general.--The amendment made by subsection

    (a) shall 
 take effect 30 days after the date of enactment of this Act.

    (2) Exception.--Notwithstanding paragraph

    (1) , the 
 amendment made by subsection

    (a) shall not take effect if, 
 before the effective date described under paragraph

    (1) , the 
 Secretary of the Treasury reports to the Committee on Financial 
 Services of the House of Representatives and the Committee on 
 Banking, Housing, and Urban Affairs of the Senate that the 
 International Development Association is providing financial 
 assistance to any country the government of which the Secretary 
 of State has determined, for purposes of 

section 6

    (j) of the 
 Export Administration Act of 1979, 

section 620A of the Foreign 
 Assistance Act of 1961, or 

section 40 of the Arms Export 
 Control Act, to be a government that has repeatedly provided 
 support for acts of international terrorism.

 Passed the House of Representatives July 21, 2025.

 Attest:

 KEVIN F. MCCUMBER,

 Clerk.