The U.S. Capitol building. Photo: Photo: Diego M. Radzinschi/ALM U.S. Senate LIBOR Transition Legislation
The U.S. Senate did not pass its version of legacy USD LIBOR contract legislation at the end of 2021 and this raises the possibility that passage of this important legislation may end up being caught up in election year delays during 2022.
January 06, 2022 at 11:15 AM
7 minute read
Legislation
To briefly recount where we stand in the USD LIBOR transition process, on March 5, 2021, LIBOR's administrator, the ICE Benchmark Administration, and LIBOR's regulator, the UK Financial Conduct Authority, announced that (1) 1-week and 2-month USD LIBOR would cease to be published after Dec. 31, 2021 and (2) 1-, 3-, 6- and 12-month USD LIBOR would cease to be published after June 30, 2023. U.S. bank regulators have encouraged U.S. banks to use the secured overnight funding rate (SOFR) published by the Federal Reserve Bank of New York as a replacement interest rate.
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