H. R. 2471—769 
(7) Increased appropriations for fiscal years 2023 through 
2031 would enable the United States Anti-Doping Agency to 
directly affect the integrity and well-being of sport, both domes-
tically and internationally. 
SEC. 303. MODIFICATIONS OF AUTHORITY. 
Section 701 of the Office of National Drug Control Policy 
Reauthorization Act of 2006 (21 U.S.C. 2001) is amended— 
(1) in subsection (b)— 
(A) by amending paragraph (1) to read as follows: 
‘‘(1)(A) serve as the independent anti-doping organization 
for the amateur athletic competitions recognized by the United 
States Olympic and Paralympic Committee; 
‘‘(B) be responsible for certifying in advance any testing 
conducted by international organizations under the World Anti- 
Doping Code for international amateur athletes and athletic 
competitions occurring within the jurisdiction of the United 
States; and 
‘‘(C) be recognized worldwide as the independent national 
anti-doping organization for the United States;’’; 
(B) in paragraph (4), by striking the period at the 
end and inserting ‘‘; and’’; and 
(C) by adding at the end the following: 
‘‘(5) promote a positive youth sport experience by using 
a portion of the funding of the United States Anti-Doping 
Agency to provide educational materials on sportsmanship, 
character building, and healthy performance for the athletes, 
parents, and coaches who participate in youth sports.’’; and 
(2) by adding at the end the following: 
‘‘(c) DUE PROCESS IN ARBITRATION PROCEEDINGS.—Any action 
taken by the United States Anti-Doping Agency to enforce a policy, 
procedure, or requirement of the United States Anti-Doping Agency 
against a person with respect to a violation of Federal law, including 
an investigation, a disciplinary action, a sanction, or any other 
administrative action, shall be carried out in a manner that provides 
due process protection to the person.’’. 
SEC. 304. AUTHORIZATION OF APPROPRIATIONS. 
Section 703 of the Office of National Drug Control Policy 
Reauthorization Act of 2006 (21 U.S.C. 2003) is amended to read 
as follows: 
‘‘SEC. 703. AUTHORIZATION OF APPROPRIATIONS. 
‘‘There are authorized to be appropriated to the United States 
Anti-Doping Agency— 
‘‘(1) for fiscal year 2023, $15,500,000; 
‘‘(2) for fiscal year 2024, $16,200,000; 
‘‘(3) for fiscal year 2025, $16,900,000; 
‘‘(4) for fiscal year 2026, $17,700,000; 
‘‘(5) for fiscal year 2027, $18,500,000; 
‘‘(6) for fiscal year 2028, $19,800,000; 
‘‘(7) for fiscal year 2029, $22,100,000; 
‘‘(8) for fiscal year 2030, $24,900,000; and 
‘‘(9) for fiscal year 2031, $23,700,000.’’. 
SEC. 305. INFORMATION SHARING. 
Except as otherwise prohibited by law and except in cases 
in which the integrity of a criminal investigation would be affected,
H. R. 2471—770 
pursuant to the obligation of the United States under Article 7 
of the United Nations Educational, Scientific, and Cultural 
Organization International Convention Against Doping in Sport 
done at Paris October 19, 2005, and ratified by the United States 
in 2008, the Attorney General, the Secretary of Homeland Security, 
and the Commissioner of Food and Drugs shall provide to the 
United States Anti-Doping Agency any relevant information relating 
to the prevention of the use of performance-enhancing drugs or 
the prohibition of performance-enhancing methods. 
TITLE IV—PROTECTING INDIAN TRIBES 
FROM SCAMS 
SEC. 401. SHORT TITLE. 
This title may be cited as the ‘‘Protecting Indian Tribes from 
Scams Act’’. 
SEC. 402. PROTECTING INDIAN TRIBES FROM UNFAIR OR DECEPTIVE 
ACTS OR PRACTICES. 
(a) FTC REPORT ON UNFAIR OR DECEPTIVE ACTS OR PRACTICES 
TARGETING INDIAN TRIBES.—Not later than 1 year after the date 
of enactment of this Act, and after consultation with Indian Tribes, 
the Commission shall make publicly available on the website of 
the Commission and submit to the Committee on Energy and Com-
merce and the Committee on Natural Resources of the House of 
Representatives and the Committee on Commerce, Science, and 
Transportation and the Committee on Indian Affairs of the Senate 
a report on unfair or deceptive acts or practices targeted at Indian 
Tribes or members of Indian Tribes, including— 
(1) a description of the types of unfair or deceptive acts 
or practices identified by the Commission as being targeted 
at Indian Tribes or members of Indian Tribes; 
(2) a description of the consumer education activities of 
the Commission with respect to such acts or practices; 
(3) a description of the efforts of the Commission to collabo-
rate with Indian Tribes to prevent such acts or practices or 
to pursue persons using such acts or practices; 
(4) a summary of the enforcement actions taken by the 
Commission related to such acts or practices; and 
(5) any recommendations for legislation to prevent such 
acts or practices. 
(b) INCREASING AWARENESS
OF UNFAIR
OR DECEPTIVE ACTS 
OR PRACTICES TARGETING INDIAN TRIBES.—Not later than 6 months 
after the date of the submission of the report required by subsection 
(a), the Commission shall update the website of the Commission 
to include information for consumers and businesses on identifying 
and avoiding unfair or deceptive acts or practices targeted at Indian 
Tribes or members of Indian Tribes. 
(c) DEFINITIONS.—In this section: 
(1) COMMISSION.—The term ‘‘Commission’’ means the Fed-
eral Trade Commission. 
(2) INDIAN
TRIBE.—The term ‘‘Indian Tribe’’ has the 
meaning given that term in section 4 of the Indian Self-Deter-
mination and Education Assistance Act (25 U.S.C. 5304).
H. R. 2471—771 
DIVISION R—FAFSA SIMPLIFICATION 
SEC. 101. SHORT TITLE. 
This division may be cited as the ‘‘FAFSA Simplification Act 
Technical Corrections Act’’. 
SEC. 102. EXTENDING THE IMPLEMENTATION TIMELINE OF FAFSA SIM-
PLIFICATION ACT BY ONE YEAR. 
(a) AMENDMENTS TO THE FAFSA SIMPLIFICATION ACT.—The 
FAFSA Simplification Act (title VII of division FF of Public Law 
116–260) is amended in section 701(b)— 
(1) by striking ‘‘July 1, 2023’’ both places the term appears 
and inserting ‘‘July 1, 2024’’; and 
(2) by striking ‘‘award year 2023–2024’’ and inserting 
‘‘award year 2024–2025’’. 
(b) AMENDMENTS TO THE HIGHER EDUCATION ACT OF 1965.— 
The Higher Education Act of 1965 (20 U.S.C. 1001 et seq.), as 
amended by the FAFSA Simplification Act (title VII of division 
FF of Public Law 116–260), is amended— 
(1) in section 401(b)— 
(A) in paragraph (5)(A), by striking ‘‘award year 2023– 
2024’’ and inserting ‘‘award year 2024–2025’’; 
(B) in paragraph (6)(A)— 
(i) in clause (i), by striking ‘‘fiscal year 2023’’ and 
inserting ‘‘fiscal year 2024’’; and 
(ii) in clause (ii), by striking ‘‘fiscal years 2023 
through 2033’’ and inserting ‘‘fiscal years 2024 through 
2034’’; 
(C) in paragraph (7)(B)(i), by striking ‘‘or 2022’’ and 
inserting ‘‘2022, or 2023’’; and 
(D) in paragraph (8)(A), by striking ‘‘fiscal year 2033’’ 
and inserting ‘‘fiscal year 2034’’; 
(2) in section 471, by striking ‘‘award year 2023–2024’’ 
and inserting ‘‘award year 2024–2025’’; 
(3) in section 479(a), by striking ‘‘July 1, 2023’’ and 
inserting ‘‘July 1, 2024’’; 
(4) in section 483, by striking ‘‘award year 2023–2024’’ 
each place the term appears and inserting ‘‘award year 2024– 
2025’’; and 
(5) in section 485E(b)(2)(B), by striking ‘‘award year 2023– 
2024’’ and inserting ‘‘award year 2024–2025’’. 
(c) ON-TIME EFFECTIVE DATE PERMITTED.— 
(1) IN
GENERAL.—Notwithstanding section 701(b) of the 
FAFSA Simplification Act (title VII of division FF of Public 
Law 116–260), as amended by this division, the Secretary of 
Education— 
(A) may implement on or after July 1, 2023, but not 
later than, July 1, 2024, the amendments made by— 
(i) section 702(b) of the FAFSA Simplification Act 
regarding cost of attendance; 
(ii) section 702(i) of such Act regarding discretion 
of student financial aid administrators; 
(iii) section 702(l) of such Act regarding special 
rules for independent students and definitions; and 
(iv) section 703 of such Act regarding only the 
period of eligibility for grants under subsection (d)
H. R. 2471—772 
of section 401 of the Higher Education Act of 1965, 
as amended by the FAFSA Simplification Act; and 
(B) shall specify in a designation on what date and 
for which award years the implementation of amendments 
described in subparagraph (A) are effective on or after 
July 1, 2023, and prior to July 1, 2024, and shall publish 
any designation under this paragraph in the Federal Reg-
ister not less than 60 days before implementation. 
(2) STUDENT AID INDEX AS EXPECTED FAMILY CONTRIBU-
TION.—For 
purposes 
of 
implementing 
the 
amendments 
described in paragraph (1)(A) before July 1, 2024, the term 
‘‘student aid index’’ as it appears in such amendments to the 
Higher Education Act of 1965 shall mean ‘‘expected family 
contribution’’, as calculated under part F of title IV of the 
Higher Education Act of 1965, as in effect on the date of 
the implementation. 
SEC. 103. TECHNICAL CORRECTIONS TO THE FAFSA SIMPLIFICATION 
ACT. 
(a) COST OF ATTENDANCE.—Section 472(a)(13) of the Higher 
Education Act of 1965, as amended by section 702(b) of the FAFSA 
Simplification Act (title VII of division FF of Public Law 116– 
260), is amended by inserting ‘‘, or the average cost of any such 
fee or premium, as applicable’’ after ‘‘on such loan’’. 
(b) SPECIAL RULES FOR INDEPENDENT STUDENTS.—Section 479D 
of the Higher Education Act of 1965, as added by section 702(l)(1) 
of the FAFSA Simplification Act (title VII of division FF of Public 
Law 116–260), is amended— 
(1) in subsection (a)(1)(D), by inserting ‘‘the same or’’ before 
‘‘a prior award’’; 
(2) in subsection (b)(5), by inserting ‘‘the same or’’ before 
‘‘a prior award’’; and 
(3) in subsection (d)(2)— 
(A) by inserting ‘‘this section, or paragraph (2), (8), 
or (9) of section 480(d),’’ after ‘‘pursuant to section 479A(c),’’; 
and 
(B) by striking ‘‘under such paragraph in the same 
award year’’ and inserting ‘‘under such provisions in the 
same or a prior award year’’. 
(c) IRAQ AND AFGHANISTAN SERVICE GRANT AND CHILDREN OF 
FALLEN HEROES GRANT.—Part A of title IV of the Higher Education 
Act of 1965 (20 U.S.C. 1070 et seq.), as amended by section 703 
of the FAFSA Simplification Act (title VII of division FF of Public 
Law 116–260), is amended— 
(1) in section 401(c)— 
(A) in paragraph (2)— 
(i) by striking subparagraph (A); and 
(ii) by redesignating subparagraphs (B) and (C) 
as subparagraphs (A) and (B), respectively; 
(B) in paragraph (3)(A), by striking ‘‘(2)(B)(i)’’ and 
inserting ‘‘(2)(A)(i)’’; 
(C) by redesignating paragraph (5) as paragraph (7); 
and 
(D) by inserting after paragraph (4) the following: 
‘‘(5) PREVENTION OF DOUBLE BENEFITS.—No eligible student 
described in paragraph (2) may concurrently receive a grant 
under both this subsection and subsection (b).
H. R. 2471—773 
‘‘(6) TERMS AND CONDITIONS.—The Secretary shall award 
grants under this subsection in the same manner and with 
the same terms and conditions, including the length of the 
period of eligibility, as the Secretary awards Federal Pell 
Grants under subsection (b), except that— 
‘‘(A) the award rules and determination of need 
applicable to the calculation of Federal Pell Grants under 
subsection (b)(1) shall not apply to grants made under 
this subsection; and 
‘‘(B) the maximum period determined under subsection 
(d)(5) shall be determined by including all grants made 
under this section received by the eligible student and 
all grants so received under subpart 10 before the effective 
date of this subsection.’’; and 
(2) by striking section 420R (20 U.S.C. 1070h). 
(d) EFFECTIVE DATE.—The amendments made by subsections 
(a), (b), and (c) shall take effect as if included in the FAFSA 
Simplification Act (title VII of division FF of Public Law 116– 
260) and subject to the effective date of section 701(b) of such 
Act, as amended by this division (including the authorization pro-
vided under section 102(c)(1)(A)). 
SEC. 104. CONFORMING CHANGES TO PUBLIC HEALTH SERVICE ACT 
LOANS. 
Title VII of the Public Health Service Act is amended— 
(1) in section 705(a)(1) of such Act (42 U.S.C. 292d(a)(1))— 
(A) in subparagraph (A)— 
(i) in clause (iii), by adding ‘‘and’’ after the semi-
colon; 
(ii) by striking clause (iv); and 
(iii) by redesignating clause (v) as clause (iv); and 
(B) in subparagraph (B)— 
(i) in clause (ii), by adding ‘‘and’’ after the semi-
colon; 
(ii) in clause (iii), by striking ‘‘; and’’ and inserting 
a semicolon; and 
(iii) by striking clause (iv); and 
(2) in section 722(b) of such Act (42 U.S.C. 292r(b))— 
(A) in paragraph (1), by striking ‘‘; and’’ and inserting 
a period; 
(B) by striking paragraph (2); and 
(C) by striking ‘‘to a student—’’ and all that follows 
through ‘‘who is in need’’ and inserting ‘‘to a student who 
is in need’’. 
DIVISION S—VETERANS MATTERS 
TITLE I—RAISE ACT 
SEC. 101. SHORT TITLE. 
This title may be cited as the ‘‘Department of Veterans Affairs 
Nurse and Physician Assistant Retention and Income Security 
Enhancement Act’’ or the ‘‘VA Nurse and Physician Assistant 
RAISE Act’’.
H. R. 2471—777 
the member has elected to receive electronic communica-
tions from the Federal credit union, may be provided elec-
tronically. 
‘‘(4) REINSTATEMENT.— 
‘‘(A) IN GENERAL.—A member expelled under this sub-
section— 
‘‘(i) shall be given an opportunity to request 
reinstatement of membership; and 
‘‘(ii) may be reinstated by either— 
‘‘(I) a majority vote of a quorum of the directors 
of the Federal credit union; or 
‘‘(II) a majority vote of the members of the 
Federal credit union present at a meeting. 
‘‘(B) RULE OF CONSTRUCTION.—Nothing in this para-
graph may be construed to require that an expelled member 
be allowed to attend the meeting described in subparagraph 
(A)(ii) in person. 
‘‘(5) CAUSE DEFINED.—In this subsection, the term ‘cause’ 
means— 
‘‘(A) a substantial or repeated violation of the member-
ship agreement of the Federal credit union; 
‘‘(B) a substantial or repeated disruption, including 
dangerous or abusive behavior (as defined by the National 
Credit Union Administration Board pursuant to a rule-
making), to the operations of a Federal credit union; or 
‘‘(C) fraud, attempted fraud, or other illegal conduct 
that a member has been convicted of in relation to the 
Federal credit union, including the Federal credit union’s 
employees conducting business on behalf of the Federal 
credit union.’’; 
(4) in subsection (d), as so redesignated— 
(A) by striking ‘‘either subsection (a) or (b)’’ and 
inserting ‘‘subsection (a), (b), or (c)’’; and 
(B) by striking ‘‘him’’ and inserting ‘‘the member’’; and 
(5) by adding at the end the following: 
‘‘(e) NO AUTHORITY TO EXPEL CLASSES OF MEMBERS.—An expul-
sion of a member pursuant to this section shall be done individually, 
on a case-by-case basis, and neither the Board nor any Federal 
credit union may expel a class of members.’’. 
DIVISION U—ADJUSTABLE INTEREST 
RATE (LIBOR) ACT 
SEC. 101. SHORT TITLE. 
This division may be cited as the ‘‘Adjustable Interest Rate 
(LIBOR) Act’’. 
SEC. 102. FINDINGS AND PURPOSE. 
(a) FINDINGS.—Congress finds that— 
(1) LIBOR is used as a benchmark rate in more than 
$200,000,000,000,000 worth of contracts worldwide; 
(2) a significant number of existing contracts that reference 
LIBOR do not provide for the use of a clearly defined or prac-
ticable replacement benchmark rate when LIBOR is discon-
tinued; and
H. R. 2471—778 
(3) the cessation or nonrepresentativeness of LIBOR could 
result in disruptive litigation related to existing contracts that 
do not provide for the use of a clearly defined or practicable 
replacement benchmark rate. 
(b) PURPOSE.—It is the purpose of this division— 
(1) to establish a clear and uniform process, on a nationwide 
basis, for replacing LIBOR in existing contracts the terms of 
which do not provide for the use of a clearly defined or prac-
ticable replacement benchmark rate, without affecting the 
ability of parties to use any appropriate benchmark rate in 
new contracts; 
(2) to preclude litigation related to existing contracts the 
terms of which do not provide for the use of a clearly defined 
or practicable replacement benchmark rate; 
(3) to allow existing contracts that reference LIBOR but 
provide for the use of a clearly defined and practicable replace-
ment rate, to operate according to their terms; and 
(4) to address LIBOR references in Federal law. 
SEC. 103. DEFINITIONS. 
In this division: 
(1) BENCHMARK.—The term ‘‘benchmark’’ means an index 
of interest rates or dividend rates that is used, in whole or 
in part, as the basis of or as a reference for calculating or 
determining any valuation, payment, or other measurement. 
(2) BENCHMARK
ADMINISTRATOR.—The term ‘‘benchmark 
administrator’’ means a person that publishes a benchmark 
for use by third parties. 
(3) BENCHMARK
REPLACEMENT.—The term ‘‘benchmark 
replacement’’ means a benchmark, or an interest rate or divi-
dend rate (which may or may not be based in whole or in 
part on a prior setting of LIBOR), to replace LIBOR or any 
interest rate or dividend rate based on LIBOR, whether on 
a temporary, permanent, or indefinite basis, under or with 
respect to a LIBOR contract. 
(4) BENCHMARK REPLACEMENT CONFORMING CHANGES.—The 
term ‘‘benchmark replacement conforming changes’’ means any 
technical, administrative, or operational changes, alterations, 
or modifications that— 
(A) the Board determines, in its discretion, would 
address 1 or more issues affecting the implementation, 
administration, and calculation of the Board-selected 
benchmark replacement in LIBOR contracts; or 
(B) solely with respect to a LIBOR contract that is 
not a consumer loan, in the reasonable judgment of a 
calculating person, are otherwise necessary or appropriate 
to permit the implementation, administration, and calcula-
tion of the Board-selected benchmark replacement under 
or with respect to a LIBOR contract after giving due consid-
eration to any benchmark replacement conforming changes 
under subparagraph (A). 
(5) BOARD.—The term ‘‘Board’’ means the Board of Gov-
ernors of the Federal Reserve System. 
(6) BOARD-SELECTED BENCHMARK REPLACEMENT.—The term 
‘‘Board-selected benchmark replacement’’ means a benchmark 
replacement identified by the Board that is based on SOFR,
H. R. 2471—779 
including any tenor spread adjustment pursuant to section 
104(e). 
(7) CALCULATING PERSON.—The term ‘‘calculating person’’ 
means, with respect to any LIBOR contract, any person, 
including the determining person, responsible for calculating 
or determining any valuation, payment, or other measurement 
based on a benchmark. 
(8) CONSUMER; CREDIT.—The terms ‘‘consumer’’ and ‘‘credit’’ 
have the meanings given the terms in section 103 of the Truth 
in Lending Act (15 U.S.C. 1602). 
(9) CONSUMER LOAN.—The term ‘‘consumer loan’’ means 
a consumer credit transaction. 
(10) DETERMINING PERSON.—The term ‘‘determining per-
son’’ means, with respect to any LIBOR contract, any person 
with the authority, right, or obligation, including on a tem-
porary basis (as identified by the LIBOR contract or by the 
governing law of the LIBOR contract, as appropriate) to deter-
mine a benchmark replacement. 
(11) FALLBACK PROVISIONS.—The term ‘‘fallback provisions’’ 
means terms in a LIBOR contract for determining a benchmark 
replacement, including any terms relating to the date on which 
the benchmark replacement becomes effective. 
(12) IBOR.—The term ‘‘IBOR’’ means LIBOR, any tenor 
of non-U.S. dollar currency rates formerly known as the London 
interbank offered rate as administered by ICE Benchmark 
Administration Limited (or any predecessor or successor 
administrator thereof), and any other interbank offered rates 
that are expected to cease. 
(13) IBOR BENCHMARK REPLACEMENT.—The term ‘‘IBOR 
benchmark replacement’’ means a benchmark, or an interest 
rate or dividend rate (which may or may not be based in 
whole or in part on a prior setting of an IBOR), to replace 
an IBOR or any interest rate or dividend rate based on an 
IBOR, whether on a temporary, permanent, or indefinite basis, 
under or with respect to an IBOR contract. 
(14) IBOR CONTRACT.—The term ‘‘IBOR contract’’ means 
any contract, agreement, indenture, organizational document, 
guarantee, mortgage, deed of trust, lease, security (whether 
representing debt or equity, including any interest in a corpora-
tion, a partnership, or a limited liability company), instrument, 
or other obligation or asset that, by its terms, continues in 
any way to use an IBOR as a benchmark. 
(15) LIBOR.—The term ‘‘LIBOR’’— 
(A) means the overnight and 1-, 3-, 6-, and 12-month 
tenors of U.S. dollar LIBOR (formerly known as the London 
interbank offered rate) as administered by ICE Benchmark 
Administration Limited (or any predecessor or successor 
administrator thereof); and 
(B) does not include the 1-week or 2-month tenors 
of U.S. dollar LIBOR. 
(16) LIBOR CONTRACT.—The term ‘‘LIBOR contract’’ means 
any contract, agreement, indenture, organizational document, 
guarantee, mortgage, deed of trust, lease, security (whether 
representing debt or equity, including any interest in a corpora-
tion, a partnership, or a limited liability company), instrument, 
or other obligation or asset that, by its terms, uses LIBOR 
as a benchmark.
H. R. 2471—780 
(17) LIBOR 
REPLACEMENT
DATE.—The term ‘‘LIBOR 
replacement date’’ means the first London banking day after 
June 30, 2023, unless the Board determines that any LIBOR 
tenor will cease to be published or cease to be representative 
on a different date. 
(18) SECURITY.—The term ‘‘security’’ has the meaning given 
the term in section 2(a) of the Securities Act of 1933 (15 
U.S.C. 77b(a)). 
(19) SOFR.—The term ‘‘SOFR’’ means the Secured Over-
night Financing Rate published by the Federal Reserve Bank 
of New York (or a successor administrator). 
(20) TENOR SPREAD ADJUSTMENT.—The term ‘‘tenor spread 
adjustment’’ means— 
(A) 0.00644 percent for overnight LIBOR; 
(B) 0.11448 percent for 1-month LIBOR; 
(C) 0.26161 percent for 3-month LIBOR; 
(D) 0.42826 percent for 6-month LIBOR; and 
(E) 0.71513 percent for 12-month LIBOR. 
SEC. 104. LIBOR CONTRACTS. 
(a) IN GENERAL.—On the LIBOR replacement date, the Board- 
selected benchmark replacement shall be the benchmark replace-
ment for any LIBOR contract that, after giving any effect to sub-
section (b)— 
(1) contains no fallback provisions; or 
(2) contains fallback provisions that identify neither— 
(A) a specific benchmark replacement; nor 
(B) a determining person. 
(b) FALLBACK PROVISIONS.—On the LIBOR replacement date, 
any reference in the fallback provisions of a LIBOR contract to— 
(1) a benchmark replacement that is based in any way 
on any LIBOR value, except to account for the difference 
between LIBOR and the benchmark replacement; or 
(2) a requirement that a person (other than a benchmark 
administrator) conduct a poll, survey, or inquiries for quotes 
or information concerning interbank lending or deposit rates; 
shall be disregarded as if not included in the fallback provisions 
of such LIBOR contract and shall be deemed null and void and 
without any force or effect. 
(c) AUTHORITY OF DETERMINING PERSON.— 
(1) IN GENERAL.—Subject to subsection (f)(2), a determining 
person may select the Board-selected benchmark replacement 
as the benchmark replacement. 
(2) SELECTION.—Any selection by a determining person 
of the Board-selected benchmark replacement pursuant to para-
graph (1) shall be— 
(A) irrevocable; 
(B) made by the earlier of the LIBOR replacement 
date and the latest date for selecting a benchmark replace-
ment according to the terms of the LIBOR contract; and 
(C) used in any determinations of the benchmark under 
or with respect to the LIBOR contract occurring on and 
after the LIBOR replacement date. 
(3) NO SELECTION.—If a determining person does not select 
a benchmark replacement by the date specified in paragraph 
(2)(B), the Board-selected benchmark replacement, on and after