Adjustable Interest Rate (LIBOR) Act of 2021
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.
Floor Votes
Timeline
- Mar 3, 2022Committee on Banking, Housing, and Urban Affairs. Hearings held.
- Mar 3, 2022Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 117-495.
- Dec 9, 2021Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Dec 8, 2021Motion to reconsider laid on the table Agreed to without objection.
- Dec 8, 2021On 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)
- Dec 8, 2021Passed/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)
- Dec 8, 2021Considered as unfinished business. (consideration: CR H7529-7530)
- Dec 8, 2021At 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.
- Dec 8, 2021DEBATE - The House proceeded with forty minutes of debate on H.R. 4616.
- Dec 8, 2021Considered under suspension of the rules. (consideration: CR H7479-7486)
- Dec 8, 2021Mr. Sherman moved to suspend the rules and pass the bill, as amended.
- Dec 7, 2021Placed on the Union Calendar, Calendar No. 147.
- Dec 7, 2021Committee on Education and Labor discharged.
- Dec 7, 2021Committee on Education and Labor discharged.
- Dec 7, 2021Committee on Ways and Means discharged.
- Dec 7, 2021Committee on Ways and Means discharged.
- Dec 7, 2021Reported (Amended) by the Committee on Financial Services. H. Rept. 117-206, Part I.
- Dec 7, 2021Reported (Amended) by the Committee on Financial Services. H. Rept. 117-206, Part I.
- Jul 29, 2021Ordered to be Reported in the Nature of a Substitute (Amended) by Voice Vote.
- Jul 29, 2021Committee Consideration and Mark-up Session Held.
- Jul 28, 2021Committee Consideration and Mark-up Session Held.
- Jul 22, 2021Referred 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.
- Jul 22, 2021Referred 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.
- Jul 22, 2021Referred 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.
- Jul 22, 2021Introduced in House
In the News
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