117th Congress (2021–2023) · House bill · Sponsor: Rep. Sherman, Brad [D-CA-30]
This page covers HR4616 in the 117th Congress. Bill numbers start over every Congress, so HR4616 in another Congress is a different bill.
| Item | Detail |
|---|---|
| Roll-call votes | 1 |
| Chamber | House |
| Latest vote | 2021-12-08: Passed |
| Latest action | 2022-03-03: Committee on Banking, Housing, and Urban Affairs. Hearings held. |
| Policy area | Finance and Financial Sector |
| Official record | Congress.gov |
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.
Subjects: Bank accounts, deposits, capital, Banking and financial institutions regulation, Civil actions and liability, Consumer credit, Contracts and agency, Credit and credit markets, Debt collection, Government lending and loan guarantees, Higher education, Interest, dividends, interest rates
Every recorded vote on this bill, newest first, with a link to the official tally. Member-by-member positions are on each member’s profile.
| Date | Chamber | Question | Result | Yea | Nay | Not voting | Record |
|---|---|---|---|---|---|---|---|
| 2021-12-08 | House | 2/3 Yea-And-Nay | Passed | 283 | 6 | 5 | Official tally |
HR4616 (Adjustable Interest Rate (LIBOR) Act of 2021) was introduced in the 117th Congress (2021–2023) by Rep. Sherman, Brad [D-CA-30].
On 2022-03-03: Committee on Banking, Housing, and Urban Affairs. Hearings held.
1 recorded vote in the 117th Congress. The most recent, on 2021-12-08, was "2/3 Yea-And-Nay": Passed.