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.
The bill also addresses the tax consequences of such a transition. Specifically, the selection or use of a replacement rate; the determination, implementation, or performance of related conforming changes to a contract; or other application of changes related to the transition shall not be treated as a sale, exchange, or other disposition of property for tax purposes.
| Action Date | Type | Text | Source |
|---|---|---|---|
| 2022-03-03 | Committee | Committee on Banking, Housing, and Urban Affairs. Hearings held. | Senate |
| 2021-12-09 | IntroReferral | Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. | Senate |
| 2021-12-08 | Floor | Motion to reconsider laid on the table Agreed to without objection. | House floor actions |
| 2021-12-08 | Vote | 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) | House floor actions |
| 2021-12-08 | Floor | Considered as unfinished business. (consideration: CR H7529-7530) | House floor actions |
| 2021-12-08 | Floor | 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. | House floor actions |
| 2021-12-08 | Floor | DEBATE - The House proceeded with forty minutes of debate on H.R. 4616. | House floor actions |
| 2021-12-08 | Floor | Considered under suspension of the rules. (consideration: CR H7479-7486) | House floor actions |
| 2021-12-08 | Floor | Mr. Sherman moved to suspend the rules and pass the bill, as amended. | House floor actions |
| 2021-12-07 | Calendars | Placed on the Union Calendar, Calendar No. 147. | House floor actions |
| 2021-12-07 | Discharge | Committee on Education and Labor discharged. | House floor actions |
| 2021-12-07 | Discharge | Committee on Ways and Means discharged. | House floor actions |
| 2021-12-07 | Committee | Reported (Amended) by the Committee on Financial Services. H. Rept. 117-206, Part I. | House floor actions |
| 2021-07-29 | Committee | Ordered to be Reported in the Nature of a Substitute (Amended) by Voice Vote. | House committee actions |
| 2021-07-29 | Committee | Committee Consideration and Mark-up Session Held. | House committee actions |
| 2021-07-28 | Committee | Committee Consideration and Mark-up Session Held. | House committee actions |
| 2021-07-22 | IntroReferral | 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. | House floor actions |
| 2021-07-22 | IntroReferral | 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. | House floor actions |
| 2021-07-22 | IntroReferral | 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. | House floor actions |
| 2021-07-22 | IntroReferral | Introduced in House | Library of Congress |