Bill > HR1764

This bill aligns the regulatory treatment of securities issued by the International Development Association (IDA) with those of other multilateral development banks by providing an exemption from certain securities laws. Specifically, the bill amends the International Development Association Act to exempt IDA securities from registration requirements under the Securities Act of 1933 and the Securities Exchange Act of 1934, similar to how other international financial institutions are treated. The Securities and Exchange Commission (SEC) will still have oversight, as the IDA must file annual and other reports that the SEC deems appropriate to protect investors and serve the public interest. The SEC also retains the authority to suspend this exemption at any time in consultation with the National Advisory Council on International Monetary and Financial Problems. The bill includes a notable exception to its implementation: if the Secretary of the Treasury reports that the IDA is providing financial assistance to a country that the State Department has identified as supporting terrorism, the exemption will not take effect. The bill aims to streamline regulatory processes for the IDA while maintaining appropriate financial transparency and oversight.

Business and Industry, Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/house-bill/1764/all-info