summary
Introduced
03/08/2022
03/08/2022
In Committee
03/08/2022
03/08/2022
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
A BILL To establish a clear and uniform process, on a nationwide basis, for replacing the London interbank offered rate in existing contracts, and for other purposes.
AI Summary
This bill establishes a clear and uniform process, on a nationwide basis, for replacing the London Interbank Offered Rate (LIBOR) in existing contracts that do not provide for the use of a clearly defined or practicable replacement benchmark rate. It defines key terms such as "LIBOR", "benchmark replacement", and "tenor spread adjustment", and outlines provisions for the Board of Governors of the Federal Reserve System to select a new benchmark replacement, the SOFR (Secured Overnight Financing Rate), and make related conforming changes. The bill aims to preclude litigation related to existing LIBOR contracts and address LIBOR references in federal law.
Committee Categories
Housing and Urban Affairs
Sponsors (8)
Jon Tester (D)*,
Sherrod Brown (D),
Bill Hagerty (R),
Jack Reed (D),
Mike Rounds (R),
Thom Tillis (R),
Pat Toomey (R),
Mark Warner (D),
Last Action
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 03/08/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/117th-congress/senate-bill/3779/all-info |
| BillText | https://www.congress.gov/117/bills/s3779/BILLS-117s3779is.pdf |
| Bill | https://www.congress.gov/117/bills/s3779/BILLS-117s3779is.pdf.pdf |
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