I 
119TH CONGRESS 
1ST SESSION H. R. 1764 
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 
MARCH 3, 2025 
Ms. WATERS introduced the following bill; which was referred to the 
Committee on Financial Services 
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. 
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 As-
sociation Act’’. 
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SEC. 2. EXEMPTION OF SECURITIES OF THE INTER-
NATIONAL 
DEVELOPMENT 
ASSOCIATION 
FROM THE SECURITIES LAWS. 
(a) IN GENERAL.—The International Development 
Association Act (22 U.S.C. 284–284cc) is amended by 
adding at the end the following: 
‘‘SEC. 32. 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 secu-
rities 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 se-
curities within the meaning of section 3(a)(2) of the Secu-
rities 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 Se-
curities 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 nec-
essary in the public interest or for the protection of inves-
tors. 
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‘‘(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 au-
thorized 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 
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