Legislation· Jul 2025Sponsored by Maxine Waters (D)
Aligning SEC Regulations for the World Bank’s International Development Association Act
Exempts World Bank development-loan securities from federal securities regulations.
Tradeoff
Allows the International Development Association to issue securities without SEC oversight, unless the Treasury reports it's funding countries on the terrorism-support list. The SEC can suspend the exemption at any time.
What's in it
No measurable federal cost or deficit impact over 10 years (2025-2035).
The $500,000 federal cost is just the SEC's administrative expense to update rules and process disclosures; the policy's real impact is on private entities that may see small fee increases to offset SEC costs, and on the World Bank's International Development Association, which gains an exemption from securities registration requirements.
Passed the House by on July 21, 2025 — sitting in the Senate.
House
Introduced
(Mar 3, 2025)
House
Committee on Financial Services(Mar 3, 2025)
House
The Committee on Financial Services voted to send it to the floor
Reported 49 - 0(Mar 5, 2025)
Committee report H. Rept. 119-25.
House
Passage of the bill
Passed by (Jul 21, 2025)
No individual votes were recorded.
Senate
Received from the House
on Banking, Housing, and Urban Affairs(Jul 22, 2025)