Adjustable Interest Rate (LIBOR) Act

Hozzl · 2022-12-29T22:33:32Z

Explore the details of Senate Bill 3779 Adjustable Interest Rate (LIBOR) Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

12/29/2022, 10:33 PM

Congressional Summary of S 3779

Adjustable Interest Rate (LIBOR) Act

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.

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Current Status of Bill S 3779

Bill S 3779 is currently in the status of Bill Introduced since March 8, 2022. Bill S 3779 was introduced during Congress 117 and was introduced to the Senate on March 8, 2022. Bill S 3779's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of March 8, 2022

Bipartisan Support of Bill S 3779

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 3779

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill S 3779

Adjustable Interest Rate (LIBOR) ActAdjustable Interest Rate (LIBOR) ActA 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.

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