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HR 4616 117th Congress House Finance and Financial Sector 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 Student aid and college costs Tax administration and collection, taxpayers

Adjustable Interest Rate (LIBOR) Act of 2021

Introduced: July 22, 2021 Introduced by: Sherman, Brad Democratic · California See on congress.gov
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 Everywhere this bill has been 19 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 3, 2022
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Dec 9, 2021
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Dec 8, 2021
Motion to reconsider laid on the table Agreed to without objection.
Dec 8, 2021
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)
Dec 8, 2021
Passed/agreed to in House: 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)
Dec 8, 2021
Considered as unfinished business. (consideration: CR H7529-7530)
Dec 8, 2021
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.
Dec 8, 2021
DEBATE - The House proceeded with forty minutes of debate on H.R. 4616.
Dec 8, 2021
Considered under suspension of the rules. (consideration: CR H7479-7486)
Dec 8, 2021
Mr. Sherman moved to suspend the rules and pass the bill, as amended.
Dec 7, 2021
Placed on the Union Calendar, Calendar No. 147.
Dec 7, 2021
Committee on Education and Labor discharged.
Dec 7, 2021
Committee on Ways and Means discharged.
Dec 7, 2021
Reported (Amended) by the Committee on Financial Services. H. Rept. 117-206, Part I.
Jul 29, 2021
Ordered to be Reported in the Nature of a Substitute (Amended) by Voice Vote.
Jul 29, 2021
Committee Consideration and Mark-up Session Held.
Jul 28, 2021
Committee Consideration and Mark-up Session Held.
Jul 22, 2021
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.
Jul 22, 2021
Introduced in House
 Votes taken on this bill 1
DateChamberWhat was voted onResultYes–No
Dec 8, 2021 House · vote #407 On Motion to Suspend the Rules and Pass, as Amended Passed 415–9 See who voted →
 Plain-English summary Congressional Research Service

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.

What's happening now March 3, 2022

Committee on Banking, Housing, and Urban Affairs. Hearings held.

 Committees of jurisdiction 4