To deem certain references to LIBOR as referring to a replacement benchmark rate upon the occurrence of certain events affecting LIBOR, and for other purposes.
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.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Read twice and referred to the Committee on Finance.
Committee Consideration and Mark-up Session Held.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported in the Nature of a Substitute (Amended) by Voice Vote.
Reported (Amended) by the Committee on Financial Services. H. Rept. 117-206, Part I.
Reported (Amended) by the Committee on Financial Services. H. Rept. 117-206, Part I.
Committee on Ways and Means discharged.
Committee on Ways and Means discharged.
Committee on Education and Labor discharged.
Committee on Education and Labor discharged.
Placed on the Union Calendar, Calendar No. 147.
Mr. Sherman moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H7479-7486)
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DEBATE - The House proceeded with forty minutes of debate on H.R. 4616.
At 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.
Considered as unfinished business. (consideration: CR H7529-7530)
Passed/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)
Roll Call #407 (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)
Roll Call #407 (House)Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Committee on Banking, Housing, and Urban Affairs. Hearings held.