,i  #aagth ,,congress  #b;d ,session    
,h4 ,r4 #hdhd  ,,in ,,the ,,house ,,of  
,,representatives  ,july #ba1 #bjbb,ms4 
,waters introduced the following bill2  
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 development banks in 
which the ,united ,states is a member4  
#a4 ,short title ,this ,act may be cited
 as the ,aligning ,,sec ,regulations for
 the ,world ,bank's ,international      
,development ,association ,act4  #b4    
,exemption of securities of the         
,international ,development ,association
 from the securities laws  7a7 ,in      
general ,the ,international ,development
 ,association ,act 7#bb ,u4,s4,c4       
#bhd-bhd;cc7 is amended by adding at the
 end the following3  #cb4 ,exemption    
from securities laws2 reports required  
7a7 ,exemption from securities laws2    

reports to ,securities and ,exchange    
,commission ,any securities issued by   
the ,association 7including any guaranty
 by the ,association1 whether or not    
limited in scope7 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 #c7;a77#b of the 
,securities ,act of #aicc 7#ae ,u4,s4,c4
 #gg;c7a77#b77 and section #c7;a77#ab7  
of the ,securities ,exchange ,act of    
#aicd 7#ae ,u4,s4,c4 #gh;c7a77#ab774    
,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       
investors4  7b7 ,authority of           
,securities and ,exchange ,commission   
,to suspend exemption2 reports to       

,congress ,the ,securities and ,exchange
 ,commission1 acting in consultation    
with the ,national ,advisory ,council on
 ,international ,monetary and ,financial
 ,problems1 is authorized to suspend the
 provisions of subsection 7a7 of this   
section at any time as to any or all    
securities issued or guaranteed by the  
,association during the period of such  
suspension4 ,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 section4  
4  7b7 ,effective date ,the amendment   
made by subsection 7a7 shall take effect
 #cj days after the date of the         
enactment of this ,act4