HR 4616 United States House · 117th Congress

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.

Bill status passed 3 of 5 stages cleared

Introduction

Jul 2021

Committee Review

Mar 2022

House Passage

Dec 2021

Senate Passage

President

Introduced Jul 22, 2021 Last action Mar 3, 2022

Floor votes · House Dec 8, 2021

How they voted

415–9

Passed · 9 other

Total votes 433

Dec 8, 2021

D Democratic220

214 Yea 6

97% Yea

R Republican213

201 Yea 9 Nay 3

94% Yea

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Mar 3, 2022

Upper · Passed

Committee on Banking, Housing, and Urban Affairs. Hearings held.

upper

Dec 9, 2021

Committee

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

upper

Dec 8, 2021

Introduced

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)

lower

Dec 8, 2021

Lower · Passed

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)

lower

Dec 8, 2021

Introduced

Mr. Sherman moved to suspend the rules and pass the bill, as amended.

lower

Dec 7, 2021

Lower · Passed

Committee on Education and Labor discharged.

lower

Dec 7, 2021

Lower · Passed

Committee on Ways and Means discharged.

lower

Dec 7, 2021

Lower · Passed

Reported (Amended) by the Committee on Financial Services. H. Rept. 117-206, Part I.

lower

Jul 29, 2021

Introduced

Ordered to be Reported in the Nature of a Substitute (Amended) by Voice Vote.

lower

Jul 29, 2021

Lower · Passed

Committee Consideration and Mark-up Session Held.

lower

Jul 28, 2021

Lower · Passed

Committee Consideration and Mark-up Session Held.

lower

Jul 22, 2021

Committee

Referred 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.

lower

Jul 22, 2021

Introduced

Introduced in House

lower

1 primary · 0 co-sponsors