Federal tough legacy fix gives nod to alternative rates

Legislation does not “disfavor” alternative rates, but safe harbour may not stretch beyond SOFR

congress

Ameribor’s backers have welcomed the recognition of alternatives to the secured overnight financing rate in a ‘tough legacy’ bill currently making its way through the legislative corridors of Washington.

The Adjustable Interest Rate (Libor) Act (H.R. 4616), which would supplant a similar law passed by the New York State Legislature in April, was approved by the House Financial Services Committee on July 29. The bill offers safe harbour from litigation when re-hitching Libor contracts without

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options

Register

Want to know what’s included in our free membership? Click here

This address will be used to create your account

Most read articles loading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here