Congress 117 - HR 4616 - Adjustable Interest Rate (LIBOR) Act of 2021

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Bank accounts, deposits, capital Banking and financial institutions regulation Civil actions and liability Consumer credit Contracts and agency Credit and credit markets Debt collection Finance and Financial Sector Government lending and loan guarantees Higher education Interest, dividends, interest rates Student aid and college costs Tax administration and collection, taxpayers

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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.

Actions

Mar 3, 2022

Committee on Banking, Housing, and Urban Affairs. Hearings held.
Dec 9, 2021

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Dec 8, 2021

Motion to reconsider laid on the table Agreed to without objection.
Dec 8, 2021

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)
Dec 8, 2021

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)
Dec 8, 2021

Considered as unfinished business. (consideration: CR H7529-7530)
Dec 8, 2021

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.
Dec 8, 2021

DEBATE - The House proceeded with forty minutes of debate on H.R. 4616.
Dec 8, 2021

Considered under suspension of the rules. (consideration: CR H7479-7486)
Dec 8, 2021

Mr. Sherman moved to suspend the rules and pass the bill, as amended.
Dec 7, 2021

Placed on the Union Calendar, Calendar No. 147.
Dec 7, 2021

Committee on Education and Labor discharged.
Dec 7, 2021

Committee on Ways and Means discharged.
Dec 7, 2021

Reported (Amended) by the Committee on Financial Services. H. Rept. 117-206, Part I.
Jul 29, 2021

Ordered to be Reported in the Nature of a Substitute (Amended) by Voice Vote.
Jul 29, 2021

Committee Consideration and Mark-up Session Held.
Jul 28, 2021

Committee Consideration and Mark-up Session Held.
Jul 22, 2021

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.
Jul 22, 2021

Introduced in House

Amendments

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