H.R. 1161 would exempt the International Development Association at the World Bank from the requirement to register securities it issues or guarantees with the Securities and Exchange Commission (SEC). The SEC may require the Association to file additional reports and, in consultation with the National Advisory Council on International Monetary and Financial Problems, suspend the exemption at any time.
Using information about the cost of similar provisions, CBO estimates that it would cost the SEC less than $500,000 to update rules and process any additional disclosures by the Association. Moreover, because the SEC is authorized to collect fees each year to offset its annual appropriation, CBO expects that the net effect on discretionary spending over the 2023-2028 period would be negligible, assuming appropriation actions consistent with that authority.
If the SEC increases fees to offset the costs associated with implementing the bill, H.R. 1161 would increase the cost of an existing mandate on private entities required to pay those assessments, as defined in the Unfunded Mandates Reform Act (UMRA). CBO estimates that the incremental cost of the mandate would be small and would fall well below the annual threshold for private-sector mandates established in UMRA ($198 million in 2023, adjusted annually for inflation).
H.R. 1161 contains no intergovernmental mandates as defined in UMRA.
