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LIBOR Transition: Ensuring Financial Contract Stability and Student Loan Adjustments

This Act aims to ensure a smooth transition from the LIBOR interest rate to a new benchmark rate (SOFR) in existing financial contracts, such as mortgages and student loans. This prevents legal chaos and lawsuits that could arise from LIBOR's discontinuation, protecting the stability of your financial obligations.
Key points
Automatic replacement of LIBOR with SOFR in contracts lacking clear fallback provisions upon LIBOR's discontinuation.
Prevention of lawsuits due to ambiguities in contracts after LIBOR ceases to be used.
Introduction of a new interest calculation method for certain student loans, potentially affecting repayment amounts.
Assurance that changes will not negatively impact your right to receive payments or the terms of contracts already containing alternative solutions.
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98%
VOTING RESULTS
2021-12-08
For 415
Against 9
Abstain 0
Full voting results open_in_new
gavel
Status:
Expired
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Additional Information
Print number: 117_HR_4616
Sponsor: Rep. Sherman, Brad [D-CA-30]
Process start date: 2021-07-22
Voting date: 2021-12-08
Meeting no: 1
Voting no: 407
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Adjustable Interest Rate (LIBOR) Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_4616.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-07-22.

What are the main provisions?

Key points include:

  • Automatic replacement of LIBOR with SOFR in contracts lacking clear fallback provisions upon LIBOR's discontinuation.
  • Prevention of lawsuits due to ambiguities in contracts after LIBOR ceases to be used.
  • Introduction of a new interest calculation method for certain student loans, potentially affecting repayment amounts.
  • Assurance that changes will not negatively impact your right to receive payments or the terms of contracts already containing alternative solutions.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Where is the official voting record?

The official roll call vote is recorded at: voting record

Who is the primary sponsor?

The primary sponsor is Rep. Sherman, Brad [D-CA-30].

What is the latest detailed status?

The latest detailed status is: 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)

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Economy Courts and Law Education