IIB 
117TH CONGRESS 
1ST SESSION H. R. 4616 
IN THE SENATE OF THE UNITED STATES 
DECEMBER 9, 2021 
Received; read twice and referred to the Committee on Banking, Housing, and 
Urban Affairs 
AN ACT 
To deem certain references to LIBOR as referring to a 
replacement benchmark rate upon the occurrence of cer-
tain events affecting LIBOR, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Adjustable Interest 
Rate (LIBOR) Act of 2021’’. 
SEC. 2. FINDINGS AND PURPOSE. 
(a) FINDINGS.—The Congress finds that— 
(1) LIBOR is used as a benchmark rate in 
more than $200 trillion of contracts worldwide; 
(2) a significant number of existing contracts 
that reference LIBOR do not provide for the use of 
a clearly defined or practicable replacement bench-
mark rate when LIBOR is discontinued; and 
(3) the cessation or non-representativeness 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 Act— 
(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 practicable replacement 
benchmark rate, without affecting the ability of par-
ties to use any appropriate benchmark rate in new 
contracts; 
(2) to preclude litigation related to existing con-
tracts the terms of which do not provide for the use 
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of a clearly defined or practicable replacement 
benchmark rate; and 
(3) to allow existing contracts that reference 
LIBOR but provide for the use of a clearly defined 
fallback and practicable replacement rate, to operate 
according to their terms. 
(c) RULE OF CONSTRUCTION.—Nothing in this Act 
shall be construed to disfavor the use of any benchmark 
rate on a prospective basis. 
SEC. 3. DEFINITIONS. 
As used in this Act, the following terms shall have 
the following meanings: 
(1) ‘‘Benchmark’’ shall mean an index of inter-
est rates or dividend rates that is used, in whole or 
in part, as the basis of or as a reference for calcu-
lating or determining any valuation, payment or 
other measurement. 
(2) ‘‘Benchmark Administrator’’ means a per-
son that publishes a Benchmark for use by third 
parties. 
(3) ‘‘Benchmark Replacement’’ shall mean 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 LIBOR), to replace LIBOR or 
any interest rate or dividend rate based on LIBOR, 
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whether on a temporary, permanent, or indefinite 
basis, under or in respect of a LIBOR Contract. 
(4) 
‘‘Benchmark 
Replacement 
Conforming 
Changes’’ shall mean any technical, administrative, 
or operational changes, alterations, or modifications 
that— 
(A) the Board determines, in its discretion, 
would address one 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 Con-
tract that is not a Consumer Loan, in the rea-
sonable judgment of a Calculating Person, are 
otherwise necessary or appropriate to permit 
the implementation, administration, and cal-
culation of the Board-Selected Benchmark Re-
placement under or in respect of a LIBOR Con-
tract after giving due consideration to any 
Benchmark Replacement Conforming Changes 
under subparagraph (A). 
(5) ‘‘Board’’ means the Board of Governors of 
the Federal Reserve System. 
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ing given those terms, respectively, under section 
103 of the Truth in Lending Act (15 U.S.C. 1602). 
(9) ‘‘Determining Person’’ shall mean, with re-
spect to any LIBOR Contract, any person with the 
authority, right, or obligation, including on a tem-
porary basis, (as identified by the provisions of the 
LIBOR Contract, or as identified by the governing 
law of the LIBOR Contract, as appropriate) to de-
termine a Benchmark Replacement. 
(10) ‘‘Fallback Provisions’’ shall mean terms in 
a LIBOR Contract for determining a Benchmark 
Replacement, including any terms relating to the 
date on which the Benchmark Replacement becomes 
effective. 
(11) ‘‘LIBOR’’ shall mean 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 Adminis-
tration Limited (or any predecessor or successor 
thereof). LIBOR shall not include the 1-week or 2- 
month tenors of U.S. dollar LIBOR. 
(12) ‘‘LIBOR Contract’’ shall mean, without 
limitation, any contract, agreement, indenture, orga-
nizational documents, guarantee, mortgage, deed of 
trust, lease, Security (whether representing debt or 
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equity, and including any interest in a corporation, 
a partnership, or a limited liability company), instru-
ment, or other obligation or asset that, by its terms, 
continues in any way to use LIBOR as a Bench-
mark as of the applicable LIBOR Replacement 
Date. 
(13) ‘‘LIBOR Replacement Date’’ shall mean 
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 representa-
tive on a different date. 
(14) ‘‘Security’’ shall have the meaning as-
signed to such term in section 2(a) of the Securities 
Act of 1933 (15 U.S.C. 77b(a)). 
(15) ‘‘SOFR’’ shall mean the Secured Over-
night Financing Rate published by the Federal Re-
serve Bank of New York (or a successor adminis-
trator). 
(16) ‘‘Tenor Spread Adjustment’’ shall mean— 
(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. 
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SEC. 4. LIBOR CONTRACTS. 
(a) On the LIBOR Replacement Date, the Board-Se-
lected Benchmark Replacement shall, by operation of law, 
be the Benchmark Replacement for any LIBOR Contract 
that, after giving any effect to subsection (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) On the LIBOR Replacement Date, any references 
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 inter-
bank lending or deposit rates, 
shall be disregarded as if not included in the Fallback Pro-
visions of such LIBOR Contract and shall be deemed null 
and void and without any force or effect. 
(c) Subject to subsection (g)(2), a Determining Per-
son shall have authority under this Act, but shall not be 
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required, to select the Board-Selected Benchmark Re-
placement as the Benchmark Replacement. 
(d) Any selection by a Determining Person of the 
Board-Selected Benchmark Replacement pursuant to sub-
section (c) shall be— 
(1) irrevocable; 
(2) made by the earlier of the LIBOR Replace-
ment Date and the latest date for selecting a Bench-
mark Replacement according to the terms of such 
LIBOR Contract; and 
(3) used in any determinations of the Bench-
mark under or in respect of such LIBOR Contract 
occurring on and after the LIBOR Replacement 
Date. 
(e) If a Determining Person has authority to select 
the Board-Selected Benchmark Replacement under sub-
section (c) but does not select a Benchmark Replacement 
by the date specified in subsection (d)(2), then, on the 
LIBOR Replacement Date, the Board-Selected Bench-
mark Replacement shall, by operation of law, be the 
Benchmark Replacement for the LIBOR Contract. 
(f) If the Board-Selected Benchmark Replacement 
becomes the Benchmark Replacement for a LIBOR Con-
tract pursuant to subsection (a), (c), or (e) then all Bench-
mark Replacement Conforming Changes shall become an 
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integral part of such LIBOR Contract by operation of law. 
For the avoidance of doubt, a Calculating Person shall not 
be required to obtain consent from any other person prior 
to the adoption of Benchmark Replacement Conforming 
Changes. 
(g) The provisions of this Act shall not alter or im-
pair— 
(1) any written agreement specifying that a 
LIBOR Contract shall not be subject to this Act; 
(2) any LIBOR Contract that contains Fall-
back Provisions that identify a Benchmark Replace-
ment that is not based in any way on any LIBOR 
value (including, but not limited to, the prime rate 
or the Effective Federal Funds Rate), except that 
such LIBOR Contract shall be subject to subsection 
(b); 
(3) any LIBOR Contract subject to subsection 
(c) as to which a Determining Person does not elect 
to use a Board-Selected Benchmark Replacement 
pursuant to subsection (c), except to the extent that 
such LIBOR Contract is subject to subsection (b) or 
(e); 
(4) the application to a Board-Selected Bench-
mark Replacement of any cap, floor, modifier, or 
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spread adjustment to which LIBOR had been sub-
ject pursuant to the terms of a LIBOR Contract; or 
(5) any provisions of Federal consumer finan-
cial law that require creditors to notify borrowers re-
garding a change-in-terms or that govern the re-
evaluation of rate increases on credit card accounts 
under open-end (not home-secured) consumer credit 
plans. 
(h) Except as provided in section 5(c), the provisions 
of this Act shall not alter or impair the rights or obliga-
tions of any person, or the authorities of any agency, 
under Federal consumer financial law (as defined in sec-
tion 1002(14) of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (12 U.S.C. 5481(14)). 
SEC. 5. CONTINUITY OF CONTRACT AND SAFE HARBOR. 
(a) A Board-Selected Benchmark Replacement and 
the selection or use of a Board-Selected Benchmark Re-
placement as a Benchmark Replacement under or in re-
spect of a LIBOR Contract, as well as any Benchmark 
Replacement Conforming Changes, by operation of section 
4 shall constitute— 
(1) a commercially reasonable replacement for 
and a commercially substantial equivalent to 
LIBOR; 
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(2) a reasonable, comparable, or analogous rate, 
index, or term for LIBOR; 
(3) a replacement that is based on a method-
ology or information that is similar or comparable to 
LIBOR; 
(4) substantial performance by any person of 
any right or obligation relating to or based on 
LIBOR; and 
(5) a replacement that has historical fluctua-
tions that are substantially similar to those of 
LIBOR for purposes of the Truth in Lending Act 
and its implementing regulations. 
(b) Neither of (1) the selection or use of a Board- 
Selected Benchmark Replacement as a Benchmark Re-
placement or (2) the determination, implementation, or 
performance of Benchmark Replacement Conforming 
Changes, in each case by operation of section 4, shall (A) 
be deemed to impair or affect the right of any person to 
receive a payment, or to affect the amount or timing of 
such payment, under any LIBOR Contract or (B) have 
the effect of (i) discharging or excusing performance under 
any LIBOR Contract for any reason, claim, or defense (in-
cluding, but not limited to, any force majeure or other pro-
vision in any LIBOR Contract), (ii) giving any person the 
right to unilaterally terminate or suspend performance 
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under any LIBOR Contract, (iii) constituting a breach of 
any LIBOR Contract, or (iv) voiding or nullifying any 
LIBOR Contract. 
(c) No person shall be subject to any claim or cause 
of action in law or equity or request for equitable relief, 
or have liability for damages, arising out of— 
(1) the selection or use of a Board-Selected 
Benchmark Replacement, 
(2) the implementation of Benchmark Replace-
ment Conforming Changes, or 
(3) with respect to a LIBOR Contract that is 
not a Consumer Loan, the determination of Bench-
mark Replacement Conforming Changes, 
in each case after giving effect to the provisions of section 
4; provided, however, that in each case any person (includ-
ing a Calculating Person) shall remain subject to the 
terms of a LIBOR Contract that are not affected by this 
Act and any existing legal, regulatory, or contractual obli-
gations to correct servicing or other ministerial errors 
under or in respect of a LIBOR Contract. 
(d) The selection or use of a Board-Selected Bench-
mark Replacement or the determination, implementation, 
or performance of Benchmark Replacement Conforming 
Changes, in each case by operation of section 4, shall not 
be deemed to— 
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(1) be an amendment or modification of any 
LIBOR Contract for the purpose of the governing 
law of such LIBOR Contract; or 
(2) prejudice, impair, or affect any person’s 
rights, interests, or obligations under or in respect 
of any LIBOR Contract. 
(e) Except as provided in either subsections (a), (b), 
or (c) of section 4, the provisions of this Act shall not 
be interpreted as creating any negative inference or nega-
tive presumption regarding the validity or enforceability 
of— 
(1) any Benchmark Replacement (including any 
method for calculating, determining, or imple-
menting an adjustment to the Benchmark Replace-
ment to account for any historical differences be-
tween LIBOR and the Benchmark Replacement) 
that is not a Board-Selected Benchmark Replace-
ment; or 
(2) any changes, alterations, or modifications to 
or in respect of a LIBOR Contract that are not 
Benchmark Replacement Conforming Changes. 
SEC. 6. PREEMPTION. 
(a) This Act and the regulations hereunder shall su-
persede any and all laws, statutes, rules, regulations, or 
standards of any State, the District of Columbia, or any 
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territory or possession of the United States, insofar as 
they provide for the selection or use of a Benchmark Re-
placement or related conforming changes. 
(b) No provision of State or local law that expressly 
limits the manner of calculating interest, including the 
compounding of interest, shall apply to the selection or 
use of a Board-Selected Benchmark Replacement or 
Benchmark Replacement Conforming Changes. 
SEC. 7. TRUST INDENTURE ACT OF 1939. 
Section 316 of the Trust Indenture Act of 1939 (15 
U.S.C. 77ppp) is amended— 
(1) by striking ‘‘and’’ after ‘‘of subsection (a),’’ 
in subsection (b); and 
(2) by inserting ‘‘, and except that the right of 
any holder of any indenture security to receive pay-
ment of the principal of and interest on such inden-
ture security shall not be deemed to be impaired or 
affected by any change occurring by the application 
of section 4 of the Adjustable Interest Rate 
(LIBOR) Act of 2021 to any indenture security’’ 
after ‘‘subject to such lien’’ in subsection (b). 
SEC. 8. RULEMAKING. 
Not later than 180 days after the date of enactment 
of this Act, the Board shall issue such regulations as may 
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be necessary or appropriate to enable it to administer and 
carry out the purposes of this Act. 
SEC. 9. REVISED CALCULATION RULE TO ADDRESS IN-
STANCES 
WHERE 
1-MONTH 
USD 
LIBOR 
CEASES OR IS NON-REPRESENTATIVE. 
Section 438(b)(2)(I) of the Higher Education Act of 
1965 (20 U.S.C. 1087–1(b)(2)(I)) is amended by adding 
at the end the following: 
‘‘(viii) REVISED
CALCULATION
RULE 
TO ADDRESS INSTANCES WHERE 1-MONTH 
USD
LIBOR
CEASES
OR
IS
NON-REP-
RESENTATIVE.— 
‘‘(I) 
SUBSTITUTE
REFERENCE 
INDEX.—The provisions of this clause 
apply to loans for which the special al-
lowance payment would otherwise be 
calculated pursuant to clause (vii). 
‘‘(II) CALCULATION
BASED
ON 
SOFR.—For loans described in sub-
clause (III) or (IV), the special allow-
ance payment described in this sub-
clause shall be substituted for the 
payment provided under clause (vii). 
For each calendar quarter, the for-
mula for computing the special allow-
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ance that would otherwise apply under 
clause (vii) shall be revised by sub-
stituting ‘of the quotes of the 30-day 
Average Secured Overnight Financing 
Rate (SOFR) in effect for each of the 
days in such quarter as published by 
the Federal Reserve Bank of New 
York (or a successor administrator), 
adjusted daily by adding the Tenor 
Spread Adjustment, as that term is 
defined in the Adjustable Interest 
Rate (LIBOR) Act of 2021, for 1- 
month LIBOR contracts of 0.11448 
percent’ for ‘of the 1-month London 
Inter Bank Offered Rate (LIBOR) for 
United States dollars in effect for 
each of the days in such quarter as 
compiled and released by the British 
Bankers Association’. The special al-
lowance calculation for loans subject 
to clause (vii) shall otherwise remain 
in effect. 
‘‘(III) 
LOANS
ELIGIBLE
FOR 
SOFR-BASED
CALCULATION.—Except 
as provided in subclause (IV), the spe-
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cial allowance payment calculated 
under subclause (II) shall apply to all 
loans for which the holder (or, if the 
holder acts as an eligible lender trust-
ee for the beneficial owner of the loan, 
the beneficial owner of the loan) at 
any time after the effective date of 
this clause notifies the Secretary that 
the holder or beneficial owner affirma-
tively and permanently elects to waive 
all contractual, statutory, or other 
legal rights to a special allowance paid 
under clause (vii) or to the special al-
lowance paid pursuant to any other 
formula that was previously in effect 
with respect to such loan, and accepts 
the rate described in subclause (II). 
Any such waiver shall apply to all 
loans then held, or to be held from 
time to time, by such holder or bene-
ficial owner; provided that, due to the 
need to obtain the approval of one of 
the following, demonstrated to the 
satisfaction of the Secretary— 
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‘‘(aa) one or more third par-
ties with a legal or beneficial in-
terest in loans eligible for the 
SOFR-based calculation, or 
‘‘(bb) a nationally recog-
nized rating organization assign-
ing a rating to a financing se-
cured by loans otherwise eligible 
for the SOFR-based calculation, 
the holder of the loan (or, if the hold-
er acts as an eligible lender trustee 
for the beneficial owner of the loan, 
the beneficial owner of the loan) may 
elect to apply the rate described in 
subclause (II) to specified loan port-
folios established for financing pur-
poses by separate notices with dif-
ferent effective dates. The special al-
lowance rate based on SOFR shall be 
effective with respect to a portfolio as 
of the first day of the calendar quar-
ter following the applicable effective 
date of the waiver received by the Sec-
retary from the holder or beneficial 
owner and shall permanently and ir-
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revocably continue for all subsequent 
quarters. 
‘‘(IV) FALLBACK PROVISIONS.— 
‘‘(aa) In the event that a 
holder or beneficial owner has 
not elected to waive its rights to 
a 
special 
allowance 
payment 
under clause (vii) with respect to 
a portfolio with an effective date 
of the waiver prior to the first 
of— 
‘‘(AA) 
the 
date 
on 
which the ICE Benchmark 
Administration (‘IBA’) has 
permanently or indefinitely 
stopped providing the 1- 
month United States Dollar 
LIBOR 
(‘1-month 
USD 
LIBOR’) to the general pub-
lic, 
‘‘(BB) 
the 
effective 
date of an official public 
statement by the IBA or its 
regulator that the 1-month 
USD LIBOR is no longer 
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reliable or no longer rep-
resentative, or 
‘‘(CC) the LIBOR Re-
placement Date, as that 
term is defined in section 3 
of the Adjustable Interest 
Rate (LIBOR) Act of 2021, 
the special allowance rate calcula-
tion as described in subclause 
(II) shall, by operation of law, 
apply to all loans in such port-
folio. 
‘‘(bb) In such event— 
‘‘(AA) the last deter-
mined rate of special allow-
ance based on 1-month USD 
LIBOR 
will 
continue 
to 
apply until the end of the 
then current calendar quar-
ter; and 
‘‘(BB) the special al-
lowance rate calculation as 
described in subclause (II) 
shall become effective as of 
the first day of the following 
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calendar quarter and remain 
in effect for all subsequent 
calendar quarters.’’. 
Passed the House of Representatives December 8, 
2021. 
Attest: 
CHERYL L. JOHNSON, 
Clerk. 
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