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Bills
House Bill 4616
117th Congress(2021-2022)
Adjustable Interest Rate (LIBOR) Act of 2021
Active
Active
Passed House on Dec 8, 2021
Overview
Text
Introduced
Jul 22, 2021
Latest Action
Mar 3, 2022
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
4616
Congress
117
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Democrat
Brad Sherman
California
House Votes (1)
Senate Votes (0)
checkPassed on December 8, 2021
Question
On Motion to Suspend the Rules and Pass, as Amended
Status
Passed
Type
Roll Call Vote
Roll Call Vote
A vote that records the individual position of each Member who voted. Such votes occurring on the House floor (by the "yeas and nays" or by "recorded vote") are taken by electronic device. The Senate has no electronic voting system; in such votes, Senators answer "yea" or "nay" as the clerk calls each name aloud. Each vote is compiled by clerks and receives a roll call number (referenced in Congress.gov as a "Record Vote" [Senate] or "Roll no." [House]).
Roll Call Type
2/3 Yea-And-Nay
Roll Number
407
House Roll Call Votes
Summary

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.

Text (4)
Referred in Senate
December 9, 2021
Engrossed in House
December 8, 2021
Reported in House
December 7, 2021
Introduced in House
July 22, 2021
Related Bills (2)
Mar 15, 2022
Introduced in Senate
4
Sponsorship
Senate Bill 3844
Economic Continuity and Stability Act
Introduced
Type
Related Bill
Related Bill
A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-Congress measures.
Identified By
CRS
Mar 08, 2022
Introduced in Senate
8
Sponsorship
Senate Bill 3779
Adjustable Interest Rate (LIBOR) Act
Introduced
Type
Related Bill
Related Bill
A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-Congress measures.
Identified By
CRS
Actions (19)
03/03/2022
Committee on Banking, Housing, and Urban Affairs. Hearings held.
12/09/2021
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
12/08/2021
Motion to reconsider laid on the table Agreed to without objection.
12/08/2021
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)
12/08/2021
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)
12/08/2021
Considered as unfinished business. (consideration: CR H7529-7530)
12/08/2021
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.
12/08/2021
DEBATE - The House proceeded with forty minutes of debate on H.R. 4616.
12/08/2021
Considered under suspension of the rules. (consideration: CR H7479-7486)
12/08/2021
Mr. Sherman moved to suspend the rules and pass the bill, as amended.
12/07/2021
Placed on the Union Calendar, Calendar No. 147.
12/07/2021
Committee on Education and Labor discharged.
12/07/2021
Committee on Ways and Means discharged.
12/07/2021
Reported (Amended) by the Committee on Financial Services. H. Rept. 117-206, Part I.
07/29/2021
Ordered to be Reported in the Nature of a Substitute (Amended) by Voice Vote.
07/29/2021
Committee Consideration and Mark-up Session Held.
07/28/2021
Committee Consideration and Mark-up Session Held.
07/22/2021
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.
07/22/2021
Introduced in House
Public Record
Record Updated
Mar 8, 2023 8:26:26 PM
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