[Congressional Record Volume 164, Number 129 (Tuesday, July 31, 2018)]
[Senate]
[Page S5521]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 3685. Mr. BROWN submitted an amendment intended to be proposed to 
amendment SA 3399 proposed by Mr. Shelby to the bill H.R. 6147, making 
appropriations for the Department of the Interior, environment, and 
related agencies for the fiscal year ending September 30, 2019, and for 
other purposes; which was ordered to lie on the table; as follows:
       At the appropriate place, insert the following:
       Sec. __. (a) In this section--
       (1) the term ``Association'' means the International 
     Development Association; and
       (2) the term ``Commission'' means the Securities and 
     Exchange Commission.
       (b)(1) Subject to subsection (c), any security issued by 
     the Association, including any guaranty by the Association 
     (without regard to whether the guaranty is limited in scope), 
     and any security guaranteed by the Association with respect 
     to principal and interest shall be considered to be an 
     exempted security under 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)).
       (2) The Association shall submit to the Commission any 
     annual and other report with respect to the securities 
     described in paragraph (1) as the Commission determines to 
     be--
       (A) appropriate considering the special character of the 
     Association and the operations of the Association; and
       (B) necessary in the public interest or for the protection 
     of investors.
       (c) The Commission, in consultation with the National 
     Advisory Council on International Monetary and Financial 
     Problems, may suspend the application of subsection (a) at 
     any time with respect to any security issued or guaranteed by 
     the Association during the period of the suspension.
       (d) The Commission shall submit to Congress an annual 
     report that contains any information that the Commission 
     determines to be appropriate with respect to the operation 
     and effect of this section.
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