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LIBOR Fix Wins House Support

The U.S. Congress agrees to a solution for the LIBOR crisis, which would automatically transition contracts to a new benchmark.

By Erik Wasson & William Shaw | December 08, 2021 at 04:33 PM

The U.S. House approved legislation designed to protect trillions of dollars of assets from chaos when LIBOR expires, in one of the final key steps aimed at guaranteeing an orderly transition from the discredited benchmark.

By a vote of 415-9, House lawmakers on Wednesday backed provisions to switch the most troublesome contracts—including mortgages, business debt, and student loans—to a replacement benchmark, in an effort to prevent a flood of litigation when U.S. dollar LIBOR retires. The bill will now head to the Senate, where its fate is uncertain.

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