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S 3779 117th Congress Senate Finance and Financial Sector

Adjustable Interest Rate (LIBOR) Act

Introduced: March 8, 2022 See on congress.gov
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This bill died when the 117th Congress ended
It never became law before the 117th Congress (2021–2022) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 8, 2022
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Mar 8, 2022
Introduced in Senate
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 Plain-English summary Congressional Research Service

Adjustable Interest Rate (LIBOR) 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, and protections against liability as a result of such a transition.

What's happening now March 8, 2022

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Related & companion bills 3
  • HR 2471 Related bill Consolidated Appropriations Act, 2022
  • HR 4616 Related bill Adjustable Interest Rate (LIBOR) Act of 2021
  • S 3844 Related bill Economic Continuity and Stability Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 5
All 5 Democratic 2 Republican 3
R
Hagerty, Bill
Tennessee · Mar 8, 2022
 D
Reed, Jack
Rhode Island · Mar 8, 2022
 R
Rounds, Mike
South Dakota · Mar 8, 2022
 R
Tillis, Thomas
North Carolina · Mar 8, 2022
 D
Warner, Mark R.
Virginia · Mar 8, 2022
Cite this page click to expand
APA
U.S. Congress. (2026). S. 3779: Adjustable Interest Rate (LIBOR) Act. 117th Congress. Open America. https://openamerica.io/bill/117-S-3779/
MLA
"S. 3779: Adjustable Interest Rate (LIBOR) Act." 117th Congress, 2026, Open America, https://openamerica.io/bill/117-S-3779/.
Bluebook (legal)
S. 3779, 117th Cong. (2026), https://openamerica.io/bill/117-S-3779/.
Markdown link
[S. 3779: Adjustable Interest Rate (LIBOR) Act](https://openamerica.io/bill/117-S-3779/)
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