# 117-hr-4616: Adjustable Interest Rate (LIBOR) Act of 2021

117-hr-4616, Adjustable Interest Rate (LIBOR) Act of 2021, is a 117th Congress bill sponsored by Rep. Sherman, Brad [D-CA-32] (D-CA); status Committee on Banking, Housing, and Urban Affairs. Hearings held. (as of 2025-11-18).

- Canonical: https://policyrisk.com/legislation/117-hr-4616
- As of: 2025-11-18
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 117-hr-4616
- Congress: 117
- Title: Adjustable Interest Rate (LIBOR) Act of 2021
- Status: Committee on Banking, Housing, and Urban Affairs. Hearings held.
- Introduced: 2021-07-22
- Sponsor: Rep. Sherman, Brad [D-CA-32] (D-CA)
- Cosponsors: 0
- Policy area: Finance and Financial Sector
- Touches household money: no
- Last recorded action: 2025-11-18

## 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. The bill also addresses the tax consequences of such a transition. Specifically, the selection or use of a replacement rate; the determination, implementation, or performance of related conforming changes to a contract; or other application of changes related to the transition shall not be treated as a sale, exchange, or other disposition of property for tax purposes.

## Votes

| Date | Chamber | Question | Result | Yea | Nay |
| --- | --- | --- | --- | --- | --- |
| 2021-12-08T00:00:00.000Z | house | On Motion to Suspend the Rules and Pass, as Amended | Passed | 415 | 9 |

## Related bills

- 117-hr-2471: Consolidated Appropriations Act, 2022
- 117-hr-1448: PAWS for Veterans Therapy Act
- 117-hr-3537: Accelerating Access to Critical Therapies for ALS Act
- 117-hr-7791: Access to Baby Formula Act of 2022
- 117-hr-263: Big Cat Public Safety Act
- 117-hr-6899: Russia and Belarus SDR Exchange Prohibition Act of 2022

## Sources
- [117-hr-4616 on Congress.gov](https://www.congress.gov/bill/117th-congress/house-bill/4616)

## Related
- [117-hr-2471: Consolidated Appropriations Act, 2022](https://policyrisk.com/legislation/117-hr-2471)
- [117-hr-1448: PAWS for Veterans Therapy Act](https://policyrisk.com/legislation/117-hr-1448)
- [117-hr-3537: Accelerating Access to Critical Therapies for ALS Act](https://policyrisk.com/legislation/117-hr-3537)
- [117-hr-7791: Access to Baby Formula Act of 2022](https://policyrisk.com/legislation/117-hr-7791)
- [117-hr-263: Big Cat Public Safety Act](https://policyrisk.com/legislation/117-hr-263)
- [117-hr-6899: Russia and Belarus SDR Exchange Prohibition Act of 2022](https://policyrisk.com/legislation/117-hr-6899)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/117-hr-4616 (as of 2025-11-18).