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- S.3779
S.3779: Adjustable Interest Rate (LIBOR) Act
About This Bill
- Introduced March 8, 2022
- Latest Major Action March 8, 2022
Bill Sponsor
Bill Cosponsors
7 (3 Democrats, 4 Republicans)
Bill Version
- Introduced in Senate - March 8, 2022
Bill Summary
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...
(Source: Library of Congress)
Bill Actions
| Date | Description |
|---|---|
| March 8, 2022 |
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
|
| March 8, 2022 |
Introduced in the Senate by Jon Tester (D-Mont.) |