3.0.0 3844 2022-12-29T22:33:31Z 2022-12-29T22:33:31Z Senate S 2022-03-15 117 ssfi00 Finance Committee Senate Standing Referred to 2022-03-15T22:33:09Z 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 Adjustable Interest Rate (LIBOR) Act 117 3779 S 2022-03-08 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS 2022-03-15 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2022-03-15 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 2022-03-15 True B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2022-03-15 True T000461 Sen. Toomey, Patrick [R-PA] Patrick Toomey R PA J. 2022-03-15 True Finance and Financial Sector Finance and Financial Sector 00 2022-03-15 Introduced in Senate 2022-09-08T18:30:01Z Economic Continuity and Stability 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, tax treatment, and protections against liability as a result of such a transition.

]]> Economic Continuity and Stability Act Display Title Economic Continuity and Stability Act Short Title(s) as Introduced Economic Continuity and Stability 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 2022-03-15T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117s3844is/xml/BILLS-117s3844is.xml 2022-03-15 Read twice and referred to the Committee on Finance. 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.