summary
Introduced
07/22/2021
07/22/2021
In Committee
07/29/2021
07/29/2021
Crossed Over
12/09/2021
12/09/2021
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
AN ACT To deem certain references to LIBOR as referring to a replacement benchmark rate upon the occurrence of cer- tain events affecting LIBOR, and for other purposes.
AI Summary
This bill aims to establish a clear and uniform process for replacing LIBOR (the London Interbank Offered Rate) in existing contracts that do not provide for a clearly defined or practicable replacement benchmark rate. The bill designates the Secured Overnight Financing Rate (SOFR) as the replacement benchmark and provides for certain technical, administrative, and operational changes to facilitate the transition. The bill also includes provisions to preclude litigation related to existing LIBOR contracts and to allow existing contracts with defined fallback provisions to continue operating according to their terms. Additionally, the bill amends the Higher Education Act to address instances where the 1-month USD LIBOR ceases or becomes non-representative.
Committee Categories
Business and Industry, Housing and Urban Affairs
Sponsors (1)
Last Action
Committee on Banking, Housing, and Urban Affairs. Hearings held. (on 03/03/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
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