Bill > A11098

This bill enacts provisions related to the discontinuance of LIBOR (the London Interbank Offered Rate), which is a widely used benchmark interest rate. The key provisions are: 1. It prohibits parties from refusing to perform contractual obligations or declaring a breach of contract due to the discontinuance of LIBOR or the use of a replacement benchmark. 2. It establishes that a "recommended benchmark replacement" selected by a relevant body (such as the Federal Reserve) is a commercially reasonable substitute for and equivalent to LIBOR. 3. It provides a safe harbor from litigation for the use of the recommended benchmark replacement and the implementation of related changes. 4. The bill applies broadly to all contracts, securities, and instruments that use LIBOR as a benchmark, ensuring continuity and preventing disruptions caused by LIBOR's discontinuation.