3.0.0 3779 2022-12-29T22:33:32Z 2022-12-29T22:33:32Z Senate S 2022-03-08 117 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2022-03-08T21:23:14Z Consolidated Appropriations Act, 2022 117 2471 HR 2022-03-15 Became Public Law No: 117-103. Related bill CRS Adjustable Interest Rate (LIBOR) Act of 2021 117 4616 HR 2022-03-03 Committee on Banking, Housing, and Urban Affairs. Hearings held. Related bill CRS Economic Continuity and Stability Act 117 3844 S 2022-03-15 Read twice and referred to the Committee on Finance. Related bill CRS 2022-03-08 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2022-03-08 Introduced in Senate IntroReferral 10000 9 Library of Congress T000464 Sen. Tester, Jon [D-MT] Jon Tester D MT N T000476 Sen. Tillis, Thomas [R-NC] Thomas Tillis R NC Roland 2022-03-08 True B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2022-03-08 True T000461 Sen. Toomey, Patrick [R-PA] Patrick Toomey R PA J. 2022-03-08 True R000605 Sen. Rounds, Mike [R-SD] Mike Rounds R SD 2022-03-08 True R000122 Sen. Reed, Jack [D-RI] John Reed D RI F. 2022-03-08 True H000601 Sen. Hagerty, Bill [R-TN] Bill Hagerty R TN 2022-03-08 True W000805 Sen. Warner, Mark R. [D-VA] Mark Warner D VA R. 2022-03-08 True Finance and Financial Sector Finance and Financial Sector 00 2022-03-08 Introduced in Senate 2022-08-22T18:44:00Z Adjustable Interest Rate (LIBOR) Act

This bill provides for the transition of certain financial contracts away from the London Interbank Offered Rate (LIBOR), a reference interest rate based upon the lending terms certain banks offer to each other for various lengths of time. LIBOR is set to be retired in 2023. Various financial contracts reference LIBOR as a benchmark for prevailing interest rates and use LIBOR in calculating certain payments or obligations.

In the event a contract referencing LIBOR does not have a fallback or replacement rate provision in effect when LIBOR is retired, or a replacement rate is not selected by a determining person as defined by the bill, the bill provides for a transition to a replacement rate selected by the Board of Governors of the Federal Reserve System. The bill also provides for conforming changes to these contracts, the continuity and enforceability of these contracts, and protections against liability as a result of such a transition.

]]> Adjustable Interest Rate (LIBOR) Act Display Title Adjustable Interest Rate (LIBOR) Act Short Title(s) as Introduced Adjustable Interest Rate (LIBOR) Act Introduced in Senate IS Official Title as Introduced A bill to establish a clear and uniform process, on a nationwide basis, for replacing the London interbank offered rate in existing contracts, and for other purposes. Introduced in Senate IS Introduced in Senate 2022-03-08T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117s3779is/xml/BILLS-117s3779is.xml 2022-03-08 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.