Adjustable Interest Rate (LIBOR) Act Signed Into Law

On Tuesday, March 15th, President Biden signed into law H.R. 2471, a $1.5 trillion omnibus spending bill that included legislation aimed at helping the financial industry transition away from LIBOR.

The Adjustable Interest Rate (LIBOR) Act provides broad guidelines for financial agreements that reference LIBOR and do not have appropriate fallback language. The federal legislation preempts any similar state legislation, including the statutes recently passed by New York and Alabama.