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H.R. 4616: Adjustable Interest Rate (LIBOR) Act of 2021

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H.R. 4616: Adjustable Interest Rate (LIBOR) Act of 2021

117th Congress · introduced 2021-07-22 · Finance and Financial Sector · Latest: Committee on Banking, Housing, and Urban Affairs. Hearings held.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2021-07-22 · official record
  2. Who proposed it: Rep. Sherman, Brad [D-CA-30] · what a sponsor is
  3. What happened next: 1 recorded vote in our records. Latest: House roll call 407 (2021): On Motion to Suspend the Rules and Pass, as Amended, HR4616 (2021-12-08), Passed. See all
  4. Where it stands now: Committee on Banking, Housing, and Urban Affairs. Hearings held. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Adjustable Interest Rate (LIBOR) Act of 2021

Plain summary

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.

Congressional Research Service summary (Passed House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Adjustable Interest Rate (LIBOR) Act of 2021

Source: Congressional Research Service summary (Passed House)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Sherman, Brad [D-CA-30] · 0 cosponsors

Cost estimate: CBO cost estimate: H.R. 4616, Adjustable Interest Rate (LIBOR) Act of 2021 (2022-03-03)

Sponsor's campaign money: Rep. Sherman, Brad [D-CA-30] reported raising $2.9 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

Recorded votes

Words on this page, explained (2)
Bill
A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Obligation
A binding promise by a government agency to pay money, for example by signing a contract or awarding a grant. Spending data such as USAspending.gov counts money when it is obligated, which can be before it is actually paid out.

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong117-hr4616 · catalog fed-us-congress-bills-cong117 · updated 2026-11-15 by psicol fed-bills-cong117