[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


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                   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.