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Economic Continuity and Stability Act

12/29/2022, 10:33 PM

Congressional Summary of S 3844

Economic Continuity and Stability 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, tax treatment, and protections against liability as a result of such a transition.

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Current Status of Bill S 3844

Bill S 3844 is currently in the status of Bill Introduced since March 15, 2022. Bill S 3844 was introduced during Congress 117 and was introduced to the Senate on March 15, 2022.  Bill S 3844's most recent activity was Read twice and referred to the Committee on Finance. as of March 15, 2022

Bipartisan Support of Bill S 3844

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
3
Democrat Cosponsors
1
Republican Cosponsors
2
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 3844

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill S 3844

Economic Continuity and Stability Act
Economic Continuity and Stability Act
A 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.

Comments

Sponsors and Cosponsors of S 3844

Jon Tester
Jon Tester
MontanaDemocrat
Thom Tillis
Thom Tillis
North CarolinaRepublican
Patrick J. Toomey
Patrick J. Toomey
PennsylvaniaRepublican
Sherrod Brown
Sherrod Brown
OhioDemocrat

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