IB 

Union Calendar No. 233 

118TH CONGRESS 

1ST SESSION H. R. 1161 

[Report No. 118–289] 

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 

FEBRUARY 24, 2023 

Ms. WATERS introduced the following bill; which was referred to the 

Committee on Financial Services 

DECEMBER 1, 2023 

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 February 24, 2023] 


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•HR 1161 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 development banks in which the United States is a member. 


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•HR 1161 RH

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Aligning SEC Regula5 tions for the World Bank’s International Development Asso6 ciation Act’’. 

7 SEC. 2. EXEMPTION OF SECURITIES OF THE INTER8 NATIONAL DEVELOPMENT ASSOCIATION 

9 FROM THE SECURITIES LAWS. 

10 (a) IN GENERAL.—The International Development As11 sociation Act (22 U.S.C. 284–284cc) is amended by adding 

12 at the end the following: 

13 ‘‘SEC. 32. EXEMPTION OF SECURITIES OF THE INTER14 NATIONAL DEVELOPMENT ASSOCIATION 

15 FROM THE SECURITIES LAWS. 

16 ‘‘(a) EXEMPTION FROM SECURITIES LAWS; REPORTS

17 TO SECURITIES AND EXCHANGE COMMISSION.—Any securi18 ties issued by the Association (including any guaranty by 

19 the Association, whether or not limited in scope) and any 

20 securities guaranteed by the Association as to both prin21 cipal and interest shall be deemed to be exempted securities 

22 within the meaning of section 3(a)(2) of the Securities Act 

23 of 1933 (15 U.S.C. 77c(a)(2)) and section 3(a)(12) of the 

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

25 The Association shall file with the Securities and Exchange 


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•HR 1161 RH

1 Commission such annual and other reports with regard to 

2 such securities as the Commission shall determine to be ap3 propriate in view of the special character of the Association 

4 and its operations and necessary in the public interest or 

5 for the protection of investors. 

6 ‘‘(b) AUTHORITY OF SECURITIES AND EXCHANGE

7 COMMISSION TO SUSPEND EXEMPTION; REPORTS TO CON8 GRESS.—The Securities and Exchange Commission, acting 

9 in consultation with the National Advisory Council on 

10 International Monetary and Financial Problems, is author11 ized to suspend the provisions of subsection (a) of this sec12 tion at any time as to any or all securities issued or guar13 anteed by the Association during the period of such suspen14 sion. The Commission shall include in its annual reports 

15 to the Congress such information as it shall deem advisable 

16 with regard to the operations and effect of this section.’’. 

17 (b) EFFECTIVE DATE.—The amendment made by sub18 section (a) shall take effect 30 days after the date of the 

19 enactment of this Act. 


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Union Calendar No. 233 

118TH CONGRESS 

1ST SESSION H. R. 1161 

[Report No. 118–289] 

A BILL 

To accord securities issued by the International Dethe United States is a member. of other multilateral development banks in which the securities laws that applies to the securities velopment Association the same exemption from 

DECEMBER 1, 2023 

Reported with an amendment, committed to the Comand ordered to be printed mittee of the Whole House on the State of the Union, 


kjohnson on DSK7ZCZBW3PROD with $$_JOB