Adjustable Interest Rate (LIBOR) Act of 2021
Latest action · Mar 3, 2022 Committee on Banking, Housing, and Urban Affairs. Hearings held.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJul 22, 2021
- Passed HouseDec 8, 2021
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
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.
Recorded votes 1
Newest first. Open one to see how every member voted.
Cosponsors
Members who signed on, in the order they did.
Committees 4
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Jul 22, 2021Markup Jul 28, 2021Markup Jul 29, 2021Reported Dec 8, 2021 |
| House | Ways and Means Committee | Referred Jul 22, 2021Discharged Dec 8, 2021 |
| House | Education and Workforce Committee | Referred Jul 22, 2021Discharged Dec 8, 2021 |
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Dec 9, 2021Hearings Mar 3, 2022 |
Actions 19
Everything that happened, newest first.
- Mar 3, 2022Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 117-495.
- Mar 3, 2022Committee on Banking, Housing, and Urban Affairs. Hearings held.
- Dec 9, 2021Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Dec 8, 2021Mr. Sherman moved to suspend the rules and pass the bill, as amended.
- Dec 8, 2021Considered under suspension of the rules. (consideration: CR H7479-7486)
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| House | Debate and remarks H7479–H7486Text printed H7479–H7481Recorded votes H7529enactLists H7530Votes recorded by proxy on H.R. 4616, Adjustable Interest Rate (LIBOR) Act | Bill Huizenga R-MI, Brad Sherman D-CA, J. French Hill R-AR | Dec 8, 2021 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Committee report
Congressional Budget Office cost estimate
- Mar 3, 2022H.R. 4616, Adjustable Interest Rate (LIBOR) Act of 2021As passed by the House of Representatives on December 8, 2021
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 167, no. 129, July 22, 2021, page H3844.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 117-357 | THE LIBOR TRANSITION: PROTECTING CONSUMERS AND INVESTORS67 pages | Banking, Housing, and Urban Affairs Committee | Nov 2, 2021 |
CRS reports 3
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 3
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R48739 | Financial Stability Oversight Council: Policy Issues in the 119th Congress | Report | Nov 26, 2025 |
| IF11315 | The LIBOR Transition | Resource | Mar 21, 2022 |
| R47026 | Financial Regulation: Systemic Risk | Report | Feb 1, 2022 |
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 3779 | Adjustable Interest Rate (LIBOR) Act | Related bill | Mar 8, 2022 |
| S 3844 | Economic Continuity and Stability Act | Related bill | Mar 15, 2022 |
Titles 5
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- 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.
- Short Title(s) as Introduced
- Adjustable Interest Rate (LIBOR) Act of 2021
- Short Title(s) as Reported to House
- Adjustable Interest Rate (LIBOR) Act of 2021
- Short Title(s) as Passed House
- Adjustable Interest Rate (LIBOR) Act of 2021
- Short Titles from RFS (Referred to Senate) bill text
- Adjustable Interest Rate (LIBOR) Act of 2021
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- 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
Text 4
Each version as it was printed, newest first.
- Dec 9, 2021Referred in Senate
- Dec 8, 2021Engrossed in House
- Dec 7, 2021Reported in House
- Jul 22, 2021Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
