H.R. 4616 · 117th Congress

Adjustable Interest Rate (LIBOR) Act of 2021

Introduced on Jul 22, 2021 by Brad Sherman (D-CA-30). Latest action (Mar 3, 2022): Committee on Banking, Housing, and Urban Affairs. Hearings held.

Stage
Passed one chamber
Introduced
Jul 22, 2021
Cosponsors
0
Policy area
Finance and Financial Sector
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Progress

The furthest stage the measure reached. Simple and concurrent resolutions do not go to the President.

  1. Introduced
  2. Reported by committee
  3. Passed one chamber
  4. 4Passed both chambers
  5. 5Sent to the President
  6. 6Became law

Official title

To deem certain references to LIBOR as referring to a replacement benchmark rate upon the occurrence of certain events affecting LIBOR, and for other purposes.

Subjects

  • Bank accounts, deposits, capital
  • Banking and financial institutions regulation
  • Civil actions and liability
  • Consumer credit
  • Contracts and agency
  • Credit and credit markets
  • Debt collection
  • Government lending and loan guarantees
  • Higher education
  • Interest, dividends, interest rates
  • Student aid and college costs
  • Tax administration and collection, taxpayers

Summary

By the Congressional Research Service (Passed House, Dec 8, 2021). Public domain.

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.

Sponsor and cosponsors

Cosponsors by party as of the day they signed on. Original cosponsors signed on the day of introduction.

Brad ShermanD-CA-30Sponsor

No cosponsors.

Roll calls

Recorded votes on the measure. Most measures move by voice vote or unanimous consent, which record no individual positions.

  1. On Motion to Suspend the Rules and Pass, as Amended
    Dec 8, 2021· House· Passage· Passed 415–9

History

Every action as published, oldest first. Roll calls link to how each member voted.

  1. Jul 22, 2021Introduced in House
  2. Jul 22, 2021Introduced in House
  3. Jul 22, 2021 · HouseReferred 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.
  4. Jul 22, 2021 · HouseReferred 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.
  5. Jul 22, 2021 · HouseReferred 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.
  6. Jul 28, 2021 · HouseCommittee Consideration and Mark-up Session Held.
  7. Jul 29, 2021 · HouseCommittee Consideration and Mark-up Session Held.
  8. Jul 29, 2021 · HouseOrdered to be Reported in the Nature of a Substitute (Amended) by Voice Vote.
  9. Dec 7, 2021Reported (Amended) by the Committee on Financial Services. H. Rept. 117-206, Part I.
  10. Dec 7, 2021 · HouseReported (Amended) by the Committee on Financial Services. H. Rept. 117-206, Part I.
  11. Dec 7, 2021Committee on Ways and Means discharged.
  12. Dec 7, 2021 · HouseCommittee on Ways and Means discharged.
  13. Dec 7, 2021Committee on Education and Labor discharged.
  14. Dec 7, 2021 · HouseCommittee on Education and Labor discharged.
  15. Dec 7, 2021 · HousePlaced on the Union Calendar, Calendar No. 147.
  16. Dec 8, 2021 · HouseMr. Sherman moved to suspend the rules and pass the bill, as amended.
  17. Dec 8, 2021 · HouseConsidered under suspension of the rules. (consideration: CR H7479-7486)
  18. Dec 8, 2021 · HouseDEBATE - The House proceeded with forty minutes of debate on H.R. 4616.
  19. Dec 8, 2021 · HouseAt 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.
  20. Dec 8, 2021 · HouseConsidered as unfinished business. (consideration: CR H7529-7530)
  21. Dec 8, 2021Passed/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)House · Roll call 407
  22. Dec 8, 2021 · HouseOn 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)House · Roll call 407
  23. Dec 8, 2021 · HouseMotion to reconsider laid on the table Agreed to without objection.
  24. Dec 9, 2021 · SenateReceived in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  25. Mar 3, 2022 · SenateCommittee on Banking, Housing, and Urban Affairs. Hearings held.

Committees

Committees and subcommittees the measure was referred to.

Agencies in its committees' jurisdiction

Analisa's mapping of committee jurisdiction to federal agencies; the bill may touch others, or none of these.

Who lobbied on it

Organizations whose lobbying reports (LD-2) name this measure. Spending is what they reported for those quarters on all issues, not on this measure alone.

  1. Structured Finance Association11 reports
    $3.3M reported (all issues)

Reports filed in 2023, 2024, 2025, 2026.

Sources and method

Every figure on this page traces to these records.

  • Bill status: bills and resolutions, sponsors, actions, subjects and CRS summaries (U.S. Government Publishing Office (GovInfo), from Congress.gov (Library of Congress))GovInfo Bill Status bulk data (Congress.gov; summaries by the Congressional Research Service) · data current to Oct 8, 2026 · loaded Oct 8, 2026 · license: Public domain (U.S. Government work, 17 U.S.C. § 105)
  • Members of Congress, their terms, committees and identifiers (The @unitedstates project (from the Biographical Directory of the U.S. Congress, the House and the Senate))unitedstates/congress-legislators: legislators, committees and current committee membership · data current to Oct 3, 2026 · loaded Oct 3, 2026 · license: CC0 1.0 (public domain dedication)
  • House roll-call votes (Office of the Clerk, U.S. House of Representatives)Office of the Clerk, U.S. House of Representatives, roll-call vote records · data current to Oct 3, 2026 · loaded Oct 3, 2026 · license: Public domain (U.S. Government work, 17 U.S.C. § 105)
  • Senate roll-call votes and DW-NOMINATE scores (Voteview (UCLA Department of Political Science))Lewis, Jeffrey B., Keith Poole, Howard Rosenthal, Adam Boche, Aaron Rudkin, and Luke Sonnet (2026). Voteview: Congressional Roll-Call Votes Database. https://voteview.com/ · data current to Oct 3, 2026 · loaded Oct 3, 2026 · license: Free to use with the required citation
  • Lobbying disclosures (LD-1 registrations, LD-2 quarterly reports, LD-203 contribution reports) (Clerk of the U.S. House of Representatives)Clerk of the House, Lobbying Disclosure Act filings (organizations only; lobbyists' names are not loaded) · data current to Oct 7, 2026 · loaded Oct 7, 2026 · license: Public domain (U.S. Government work, 17 U.S.C. § 105)
  • Positions are shown only where a roll call recorded them; voice votes and unanimous consent record none.
  • Money and votes are shown side by side; neither explains the other.