S.Amdt. 3685

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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