Aligning SEC Regulations for the World Bank's International Development Association Act
This bill exempts from securities regulations any securities issued by the International Development Association of the World Bank. The association provides loans and grants to developing countries.
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. 284-284cc) is amended by adding at the end the following:

``SEC. 32. EXEMPTION FROM SECURITIES LAWS; REPORTS REQUIRED.

    ``(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.--The amendment made by subsection (a) shall 
take effect 30 days after the date of the enactment of this Act.
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Aligning SEC Regulations for the World Bank’s International Development Association 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.
Aligning SEC Regulations for the World Bank’s International Development Association Act
Rep. Waters, Maxine