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United States · Bill · HR

H.R. 4616 (117th)

Adjustable Interest Rate (LIBOR) Act of 2021

openUnited States· United States Congress· EN

Introduced

22 July 2021

Last action

3 March 2022 · Committee

Status

Committee on Banking, Housing, and Urban Affairs. Hearings held.

Sponsors

Rep. Sherman, Brad [D-CA-32]

Subjects

Taxation

Source updated

30 May 2026

Taxation

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Summary

Adjustable Interest Rate (LIBOR) Act of 2021 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. The bill also addresses the tax consequences of such a transition. Specifically, the selection or use of a replacement rate; the determination, implementation, or performance of related conforming changes to a contract; or other application of changes related to the transition shall not be treated as a sale, exchange, or other disposition of property for tax purposes.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 22 July 2021

    Introduced

    Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, and Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

    Source: IntroReferral

  2. 22 July 2021

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 22 July 2021

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 28 July 2021

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

  5. 29 July 2021

    Reported

    Ordered to be Reported in the Nature of a Substitute (Amended) by Voice Vote.

    Source: Committee

  6. 29 July 2021

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

  7. 7 December 2021

    Reported

    Reported (Amended) by the Committee on Financial Services. H. Rept. 117-206, Part I.

    Source: Committee

  8. 7 December 2021

    Calendars

    Placed on the Union Calendar, Calendar No. 147.

    Source: Calendars

  9. 7 December 2021

    Discharge

    Committee on Ways and Means discharged.

    Source: Discharge

  10. 7 December 2021

    Committee

    Committee on Ways and Means discharged.

    Source: Committee

  11. 7 December 2021

    Reported

    Reported (Amended) by the Committee on Financial Services. H. Rept. 117-206, Part I.

    Source: Committee

  12. 8 December 2021

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

  13. 8 December 2021

    Vote

    On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 415 - 9 (Roll no. 407). (text: CR H7479-7481)

    Source: Floor

  14. 8 December 2021

    Vote

    Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 415 - 9 (Roll no. 407).(text: CR H7479-7481)

    Source: Floor

  15. 8 December 2021

    Floor

    Considered under suspension of the rules. (consideration: CR H7479-7486)

    Source: Floor

  16. 8 December 2021

    Vote

    At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.

    Source: Floor

  17. 8 December 2021

    Floor

    DEBATE - The House proceeded with forty minutes of debate on H.R. 4616.

    Source: Floor

  18. 8 December 2021

    Floor

    Mr. Sherman moved to suspend the rules and pass the bill, as amended.

    Source: Floor

  19. 9 December 2021

    Introduced

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Source: IntroReferral

  20. 3 March 2022

    Committee

    Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 117-495.

    Source: Committee

Votes

8 December 2021 · passed · On Motion to Suspend the Rules and Pass, as Amended · Passed · Official source

Yes 415 · No 9 · Abstain — · Absent/not voting 9

Showing the first 4 recorded positions. Vote totals above are complete.

Versions

Documents

11 official files

Referred in Senate (text)

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  • Referred in Senate (text)

    Referred in Senate · EN · 9 December 2021

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  • Referred in Senate (PDF)

    Referred in Senate · EN · 9 December 2021

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  • Engrossed in House (text)

    Engrossed in House · EN · 8 December 2021

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  • Engrossed in House (PDF)

    Engrossed in House · EN · 8 December 2021

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  • Passed House

    summary · EN · 8 December 2021

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  • Reported in House (text)

    Reported in House · EN · 7 December 2021

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  • Reported in House (PDF)

    Reported in House · EN · 7 December 2021

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  • Reported to House

    summary · EN · 7 December 2021

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  • Introduced in House (text)

    Introduced in House · EN · 22 July 2021

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  • Introduced in House (PDF)

    Introduced in House · EN · 22 July 2021

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  • Introduced in House

    summary · EN · 22 July 2021

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Sponsors

Related records

Sources

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