Further to our post yesterday, on 8 December 2021, after a brief debate, the Adjustable Interest Rate (LIBOR) Act of 2021 was passed by the U.S. House of Representatives by a 415-9 vote. The bill, which was introduced in the House on 22 July 2021, now moves to the Senate for consideration. The bill’s sponsor, Rep. Brad Sherman, praised the strong bipartisan work to “solve a crisis before it hits. The U.S. Senate is expected to take up the bill soon, where it is expected to enjoy bipartisan support. The U.S. Alternative Reference Rates Committee applauded the passage as “vital to the success of the transition away from LIBOR.”

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