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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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Aligning SEC Regula-
tions for the World Bank’s International Development Asso-
ciation Act’’. 
SEC. 2. EXEMPTION OF SECURITIES OF THE INTER-
NATIONAL 
DEVELOPMENT 
ASSOCIATION 
FROM THE SECURITIES LAWS. 
(a) IN GENERAL.—The International Development As-
sociation Act (22 U.S.C. 284 et seq.) is amended by adding 
at the end the following: 
‘‘SEC. 33. EXEMPTION OF SECURITIES OF THE INTER-
NATIONAL 
DEVELOPMENT 
ASSOCIATION 
FROM THE SECURITIES LAWS. 
‘‘(a) EXEMPTION FROM SECURITIES LAWS; REPORTS 
TO SECURITIES AND EXCHANGE COMMISSION.—Any securi-
ties 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 prin-
cipal 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 
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Commission such annual and other reports with regard to 
such securities as the Commission shall determine to be ap-
propriate 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 CON-
GRESS.—The Securities and Exchange Commission, acting 
in consultation with the National Advisory Council on 
International Monetary and Financial Problems, is author-
ized to suspend the provisions of subsection (a) of this sec-
tion at any time as to any or all securities issued or guar-
anteed by the Association during the period of such suspen-
sion. 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 sub-
section (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 
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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 pur-
poses 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. 
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Union Calendar No. 15 
119TH CONGRESS 
1ST SESSION 
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. 
MARCH 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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