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HR 4616 Adjustable Interest Rate Act (LIBOR) WTF IS THIS

 
dRocballer
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12/16/2021 04:30 PM

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HR 4616 Adjustable Interest Rate Act (LIBOR) WTF IS THIS
IIB
117th CONGRESS
1st Session
H. R. 4616

IN THE SENATE OF THE UNITED STATES

December 9, 2021
Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs

AN ACT

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.

1.Short title
This Act may be cited as the Adjustable Interest Rate (LIBOR) Act of 2021.

2.Findings and purpose
(a)Findings
The Congress finds that—

(1)LIBOR is used as a benchmark rate in more than $200 trillion of contracts worldwide;

(2)a significant number of existing contracts that reference LIBOR do not provide for the use of a clearly defined or practicable replacement benchmark rate when LIBOR is discontinued; and

(3)the cessation or non-representativeness of LIBOR could result in disruptive litigation related to existing contracts that do not provide for the use of a clearly defined or practicable replacement benchmark rate.

(b)Purpose
It is the purpose of this Act—

(1)to establish a clear and uniform process, on a nationwide basis, for replacing LIBOR in existing contracts the terms of which do not provide for the use of a clearly defined or practicable replacement benchmark rate, without affecting the ability of parties to use any appropriate benchmark rate in new contracts;

(2)to preclude litigation related to existing contracts the terms of which do not provide for the use of a clearly defined or practicable replacement benchmark rate; and

(3)to allow existing contracts that reference LIBOR but provide for the use of a clearly defined fallback and practicable replacement rate, to operate according to their terms.

[link to www.govtrack.us (secure)]

Any incite on this.

Kinda looks like they’ll be able to change/adjust contracts/loans/interests rates…..

Last Edited by dRocballer on 12/16/2021 04:40 PM
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Anonymous Coward
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South Korea
12/16/2021 04:31 PM
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Re: HR 4616 Adjustable Interest Rate Act (LIBOR) WTF IS THIS
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