Adjustable Interest Rate (LIBOR) Act

Summary

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.

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Timeline

1. 8 March 2022

   Introduced

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

   Source: IntroReferral

2. 8 March 2022

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 8 March 2022 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 8 March 2022

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 8 March 2022

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 8 March 2022

  Open at official source

Sponsors

• Sen. Tester, Jon [D-MT] · D · Sponsor
• Thomas Tillis · R · Sponsor
• Sen. Brown, Sherrod [D-OH] · D · Sponsor
• Sen. Toomey, Patrick [R-PA] · R · Sponsor
• Mike Rounds · R · Sponsor
• John Reed · D · Sponsor
• Bill Hagerty · R · Sponsor
• Mark Warner · D · Sponsor
• · ssbk00 · Standing

Related records

• related to → Consolidated Appropriations Act, 2022
• related to → Adjustable Interest Rate (LIBOR) Act of 2021
• related to ← Economic Continuity and Stability Act