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ARTICLE · 07 APRIL 2022

A Deeper Dive Into The US Adjustable Interest Rate (LIBOR) Act

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On March 15, 2022, President Biden signed the Adjustable Interest Rate (LIBOR) Act into law (the "LIBOR Act").1 The LIBOR Act provides a clear and uniform federal solution...

United StatesFinance and Banking
David Duffee
David Duffee
J. Paul Forrester
J. Paul Forrester
Mary Jo N. Miller
Mary Jo N. Miller
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On March 15, 2022, President Biden signed the Adjustable Interest Rate (LIBOR) Act into law (the “LIBOR Act”).1 The LIBOR Act provides a clear and uniform federal solution for transitioning legacy contracts that either lack or contain insufficient contractual provisions addressing the permanent cessation of LIBOR by providing for the transition from LIBOR to a replacement rate and avoiding related litigation.

Automatic Transition to Benchmark Replacement

The key provision of the LIBOR Act—Section 104(a)—provides:

  • on the LIBOR replacement date – the first London banking date after June 30, 2023, unless the Board of Governors of the Federal Reserve System (“Federal Reserve Board”) determines that any LIBOR tenor will cease to be published or representative on a different date2

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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