,i  #aag? ,,congress  #a/ ,session  ,h4 
,r4 #dfaf  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,july #bb1 #bjba,mr4  
,%]man introduc$ ! foll[+ bill2 :i* 0   
ref]r$ to ! ,committee on ,f9ancial     
,s]vices1 & 9 addition to ! ,committees 
on ,ways & ,means1 & ,education &       
,labor1 = a p]iod to be subsequ5tly     
det]m9$ by ! ,speak]1 9 ea* case =      
consid]ation ( su* provisions z fall )9 
! jurisdiction ( ! committee conc]n$  ,a
 ,,bill  ,to deem c]ta9 ref]5ces to     
,,libor z ref]r+ to a replacem5t b5*m>k 
rate ^u ! occurr5ce ( c]ta9 ev5ts       
affect+ ,,libor1 & = o!r purposes4  #a4 
,%ort title ,?is ,act may be cit$ z !   
,adju/able ,int]e/ ,rate 7,,libor7 ,act 
( #bjba4  #b4 ,f9d+s & purpose  7a7     
,f9d+s ,! ,congress f9ds t-- 7#a7       
,,libor is us$ z a b5*m>k rate 9 m ?an  
#bjj trillion ( contracts worldwide2    
7#b7 a significant numb] ( exi/+        
contracts t ref]5ce ,,libor d n provide 
= ! use ( a cle>ly def9$ or practicable 
replacem5t b5*m>k rate :5 ,,libor is    

discont9u$2 &  7#c7 ! cessation or      
non-repres5tativ5ess ( ,,libor c\ld     
result 9 disruptive litigation relat$ to
 exi/+ contracts t d n provide = ! use (
 a cle>ly def9$ or practicable          
replacem5t b5*m>k rate4  7b7 ,purpose ,x
 is ! purpose-- 7#a7 ( ?is ,act-- 7,a7  
to e/abli% a cle> & uni=m process1 on a 
nationwide basis1 = replac+ ,,libor 9   
exi/+ contracts ! t]ms ( :i* d n provide
 = ! use ( a cle>ly def9$ or practicable
 replacem5t b5*m>k rate1 )\t affect+ !  
ability ( p>ties to use any appropriate 
b5*m>k rate 9 new contracts2  7,b7 to   
preclude litigation relat$ to exi/+     
contracts ! t]ms ( :i* d n provide = !  
use ( a cle>ly def9$ or practicable     
replacem5t b5*m>k rate2 &  7,c7 to all[ 
exi/+ contracts t ref]5ce ,,libor b     
provide = ! use ( a cle>ly def9$        
fallback & practicable replacem5t rate1 
to op]ate accord+ to _! t]ms2 &  7#b7 ( 
section #f to provide t modifications ( 
exi/+ contracts pursuant to ?is *apt] d 
n result 9 recognition ( ga9 or loss =  

,f$]al income tax purposes & to provide 
au?ority to ! ,secret>y ( ! ,treasury to
 provide cle> guidance reg>d+ ! ,f$]al  
income tax consequ5ces ( transition+    
contracts t ref]5ce ,i,b,o,rs to        
replacem5t b5*m>k rates4  #c4           
,def9itions ,z us$ 9 ?is ,act1 ! foll[+ 
t]ms %all h ! foll[+ mean+s3 7#a7       
,b5*m>k %all mean an index ( int]e/     
rates or divid5d rates t is us$1 9 :ole 
or 9 "p1 z ! basis ( or z a ref]5ce =   
calculat+ or det]m9+ any valuation1     
paym5t or o!r measurem5t4  7#b7 ,b5*m>k 
,adm9i/rator means a p]son t publi%es a 
,b5*m>k = use by ?ird p>ties4  7#c7     
,b5*m>k ,replacem5t %all mean a ,b5*m>k1
 or an int]e/ rate or divid5d rate 7:i* 
may or may n be bas$ 9 :ole or 9 "p on a
 prior sett+ ( ,,libor71 to replace     
,,libor or any int]e/ rate or divid5d   
rate 9 ,,libor1 :e!r on a tempor>y1     
p]man5t1 or indef9ite basis1 "u or 9    
respect ( a ,,libor ,contract4  7#d7    
,b5*m>k ,replacem5t ,con=m+ ,*anges %all
 mean1 ) respect to any ,,libor         

,contract1 any docum5t$ te*nical1       
adm9i/rative1 or op]ational *anges1     
alt]ations1 or modifications t1 9 !     
reasonable judgm5t ( a ,calculat+       
,p]son1 are necess>y or appropriate to  
p]mit ! adm9i/ration & calculation ( !  
,bo>d-,select$ ,b5*m>k ,replacem5t "u or
 9 respect ( su* ,,libor ,contract 9 a  
mann] consi/5t ) relevant m>ket practice
 or recomm5dations = simil> types (     
,,libor ,contracts &1 to ! ext5t        
practicable1 ! mann] 9 :i* su* ,,libor  
,contract 0 adm9i/]$ imm$iately prior to
 ! ,,libor ,replacem5t ,date4  7#e7     
,bo>d means ! ,bo>d ( ,gov]nors ( !     
,f$]al ,res]ve ,sy/em4  7#f7 7,a7       
,bo>d-,select$ ,b5*m>k ,replacem5t %all 
mean a ,b5*m>k ,replacem5t id5tifi$ by !
 ,bo>d t is bas$ on ,,s(r4  7,b7 ,!     
,bo>d %all adju/ ! ,bo>d-,select$       
,b5*m>k ,replacem5t = ea* category (    
,,libor ,contract t ! ,bo>d may id5tify 
to-- 7i7 apply to ea* ,,libor t5or2 &   
7ii7 incorporate ! relevant ,t5or       
,spread ,adju/m5t4 7,c7 ,= consum]      

loans1 ! ,bo>d-,select$ ,b5*m>k         
,replacem5t %all initially reflect !    
spread betwe5 ! ,bo>d-,select$ ,b5*m>k  
,replacem5t & ,,libor imm$iately be=e ! 
,,libor ,replacem5t ,date & %all        
incorporate ! relevant ,t5or ,spread    
,adju/m5t ov] a "o-ye> transition p]iod4
  7#g7 ,calculat+ ,p]son %all mean1 )   
respect to any ,,libor ,contract1 any   
p]son 7:i* may be ! ,det]m9+ ,p]son7    
responsible = calculat+ or det]m9+ any  
valuation1 paym5t1 or o!r measurem5t    
bas$ on a ,b5*m>k4  7#h7 ,det]m9+ ,p]son
 %all mean1 ) respect to any ,,libor    
,contract1 any p]son ) ! au?ority1 "r1  
or obligation1 includ+ on a tempor>y    
basis1 7z id5tifi$ by ! provisions ( !  
,,libor ,contract1 or z id5tifi$ by !   
gov]n+ law ( ! ,,libor ,contract1 z     
appropriate7 to det]m9e a ,b5*m>k       
,replacem5t4  7#i7 ,fallback ,provisions
 %all mean t]ms 9 a ,,libor ,contract = 
det]m9+ a ,b5*m>k ,replacem5t1 includ+  
any t]ms relat+ to ! date on :i* !      
,b5*m>k ,replacem5t becomes effective4  

7#aj7 ,,libor %all mean ! ov]night &    
#a-1 #c-1 #f-1 & #ab-mon? t5ors ( ,u4,s4
 doll> ,,libor 7=m]ly kn[n z ! ,london  
int]bank (f]$ rate7 z adm9i/]$ by ,,ice 
,b5*m>k ,adm9i/ration ,limit$ 7or any   
pr$ecessor or successor !re(74 ,,libor  
%all n include ! #a-week or #b-mon?     
t5ors ( ,u4,s4 doll> ,,libor4  7#aa7    
,,libor ,contract %all mean1 )\t        
limitation1 any contract1 agreem5t1     
ind5ture1 organizational docum5ts1      
gu>antee1 mortgage1 de$ ( tru/1 lease1  
,security 7:e!r repres5t+ debt or       
equity1 & includ+ any int]e/ 9 a        
corporation1 a p>tn]%ip1 or a limit$    
liability company71 in/rum5t1 or o!r    
obligation or asset t1 by its t]ms1     
cont9ues 9 any way to use ,,libor z a   
,b5*m>k z ( ! applicable ,,libor        
,replacem5t ,date4  7#ab7 ,,libor       
,replacem5t ,date %all mean ! fir/      
,london bank+ day aft] ,june #cj1 #bjbc1
 unless ! ,bo>d det]m9es t any ,,libor  
t5or w cease to be publi%$ or cease to  
be repres5tative on a diff]5t date4     

7#ac7 ,security %all h ! mean+ assign$  
to su* t]m 9 section #b7;a7 ( !         
,securities ,act ( #aicc 7#ae ,u4,s4,c4 
#gg;b7a774  7#ad7 ,,s(r %all mean !     
,secur$ ,ov]night ,f9anc+ ,rate publi%$ 
by ! ,f$]al ,res]ve ,bank ( ,new ,york  
7or a successor adm9i/rator74  7#ae7    
,tax-,relevant ,,ibor %all mean ,,libor1
 any t5or ( non-,u4,s4 doll> curr5cy    
rates =m]ly kn[n z ! ,london int]bank   
(f]$ rate z adm9i/]$ by ,,ice ,b5*m>k   
,adm9i/ration ,limit$ 7or any pr$ecessor
 or successor adm9i/rator !re(71 & any  
o!r int]bank (f]$ rates t are expect$ to
 cease4  7#af7 ,tax-,relevant ,,ibor    
,contract %all mean1 )\t limitation1 any
 contract1 agreem5t1 mortgage1 de$ (    
tru/1 lease1 ,security 7:e!r repres5t+  
debt or equity1 & includ+ any int]e/ 9 a
 corporation1 a p>tn]%ip1 or a limit$   
liability company71 in/rum5t or o!r     
obligation t uses an ,,ibor z a ,b5*m>k4
  7#ag7 ,t5or ,spread ,adju/m5t %all    
mean-- 7,a7 #j4jjfdd p]c5t = ov]night   
,,libor2  7,b7 #j4aaddh p]c5t = #a-mon? 

,,libor2  7,c7 #j4bfafa p]c5t = #c-mon? 
,,libor2  7,d7 #j4dbhbf p]c5t = #f-mon? 
,,libor2 &  7,e7 #j4gaeac p]c5t =       
#ab-mon? ,,libor4  #d4 ,,libor contracts
  7a7 ,on ! ,,libor ,replacem5t ,date1 !
 ,bo>d-,select$ ,b5*m>k ,replacem5t     
%all1 by op]ation ( law1 be ! ,b5*m>k   
,replacem5t = any ,,libor ,contract t1  
aft] giv+ any effect to subsection 7b71 
conta9s no ,fallback ,provisions4  7b7  
,on ! ,,libor ,replacem5t ,date1 any    
,fallback ,provisions 9 a ,,libor       
,contract t provide = a ,b5*m>k         
,replacem5t t is bas$ 9 any way on any  
,,libor value or require a p]son 7o!r   
?an a ,b5*m>k ,adm9i/rator7 to conduct a
 poll1 survey1 or inquiries = quotes or 
in=mation conc]n+ int]bank l5d+ or      
deposit rates %all be disreg>d$ z if n  
includ$ 9 su* ,,libor ,contract & %all  
be deem$ null & void & )\t any =ce or   
effect4  7c7 ,subject to subsection     
7g77#b71 a ,det]m9+ ,p]son %all h       
au?ority "u ?is ,act1 b %all n be       
requir$1 to select ! ,bo>d-,select$     

,b5*m>k ,replacem5t z ! ,b5*m>k         
,replacem5t4  7d7 ,any selection by a   
,det]m9+ ,p]son ( ! ,bo>d-,select$      
,b5*m>k ,replacem5t pursuant to         
subsection 7c7 %all be-- 7#a7           
irrevocable2  7#b7 made by ! e>li] ( !  
,,libor ,replacem5t ,date & ! late/ date
 = select+ a ,b5*m>k ,replacem5t accord+
 to ! t]ms ( su* ,,libor ,contract2 &   
7#c7 us$ 9 any det]m9ations ( ! ,b5*m>k 
"u or 9 respect ( su* ,,libor ,contract 
occurr+ on & aft] ! ,,libor ,replacem5t 
,date4  7e7 ,if a ,det]m9+ ,p]son has   
au?ority to select ! ,bo>d-,select$     
,b5*m>k ,replacem5t "u subsection 7c7 b 
does n select a ,b5*m>k ,replacem5t by !
 date specifi$ 9 subsection 7d77#b71 !n1
 on ! ,,libor ,replacem5t ,date1 !      
,bo>d-,select$ ,b5*m>k ,replacem5t %all1
 by op]ation ( law1 be ! ,b5*m>k        
,replacem5t = ! ,,libor ,contract4  7f7 
,if ! ,bo>d-,select$ ,b5*m>k ,replacem5t
 becomes ! ,b5*m>k ,replacem5t = a      
,,libor ,contract pursuant to subsection
 7a71 7c71 or 7e7 !n all ,b5*m>k        

,replacem5t ,con=m+ ,*anges %all become 
an integral "p ( su* ,,libor ,contract  
by op]ation ( law4 ,= ! avoidance (     
d\bt1 a ,calculat+ ,p]son %all n1 unless
 explicitly requir$ "u ! t]ms ( !       
,,libor ,contract1 be requir$ to obta9  
cons5t f1 or give advance notice to1 any
 o!r p]son prior to ! adoption ( ,b5*m>k
 ,replacem5t ,con=m+ ,*anges4  7g7 ,!   
provisions ( ?is ,act %all n alt] or    
impair-- 7#a7 any writt5 agreem5t       
specify+ t a ,,libor ,contract %all n be
 subject to ?is ,act2  7#b7 any ,,libor 
,contract t conta9s ,fallback           
,provisions t id5tify a ,b5*m>k         
,replacem5t t is n bas$ 9 any way on any
 ,,libor value 7includ+1 b n limit$ to1 
! prime rate or ! ,effective ,f$]al     
,funds ,rate71 except t su* ,,libor     
,contract %all be subject to subsection 
7b72  7#c7 any ,,libor ,contract subject
 to subsection 7c7 z to :i* a ,det]m9+  
,p]son does n elect to use a            
,bo>d-,select$ ,b5*m>k ,replacem5t      
pursuant to subsection 7c71 except to ! 

ext5t t su* ,,libor ,contract is subject
 to subsection 7b7 or 7e72  7#d7 !      
application to a ,bo>d-,select$ ,b5*m>k 
,replacem5t ( any cap1 floor1 modifi]1  
or spread adju/m5t to :i* ,,libor _h be5
 subject pursuant to ! t]ms ( a ,,libor 
,contract2 or  7#e7 any provisions (    
,f$]al consum] f9ancial law z def9$ 9   
section #ajjb ( ! ,dodd-,frank ,wall    
,/reet ,re=m & ,consum] ,protection ,act
 7#ab ,u4,s4,c4 #edha71 & any ,b5*m>k   
,replacem5t & ! transition to x mu/ be 9
 accordance ) su* law4  #e4 ,cont9uity (
 contract & safe h>bor  7a7 ,a          
,bo>d-,select$ ,b5*m>k ,replacem5t & !  
selection or use ( a ,bo>d-,select$     
,b5*m>k ,replacem5t z a ,b5*m>k         
,replacem5t "u or 9 respect ( a ,,libor 
,contract1 z well z any ,b5*m>k         
,replacem5t ,con=m+ ,*anges1 by op]ation
 ( section #d %all con/itute-- 7#a7 a   
comm]cially reasonable replacem5t = & a 
comm]cially sub/antial equival5t to     
,,libor2  7#b7 a reasonable1 comp>able1 
or analog\s rate1 index1 or t]m =       

,,libor2  7#c7 a replacem5t t is bas$ on
 a me?odology or in=mation t is simil>  
or comp>able to ,,libor2  7#d7          
sub/antial p]=mance by any p]son ( any  
"r or obligation relat+ to or bas$ on   
,,libor2 &  7#e7 a replacem5t t has     
hi/orical fluctuations t are            
sub/antially simil> to ^? ( ,,libor =   
purposes ( ! ,tru? 9 ,l5d+ ,act & its   
implem5t+ regulations4  7b7 ,nei!r (    
7#a7 ! selection or use ( a             
,bo>d-,select$ ,b5*m>k ,replacem5t z a  
,b5*m>k ,replacem5t or 7#b7 !           
det]m9ation1 implem5tation1 or p]=mance 
( ,b5*m>k ,replacem5t ,con=m+ ,*anges1 9
 ea* case by op]ation ( section #d1 %all
 7,a7 be deem$ to impair or affect ! "r 
( any p]son to receive a paym5t1 or to  
affect ! am\nt or tim+ ( su* paym5t1 "u 
any ,,libor ,contract or 7,b7 h ! effect
 ( 7i7 dis*>g+ or excus+ p]=mance "u any
 ,,libor ,contract = any reason1 claim1 
or def5se 7includ+1 b n limit$ to1 any  
=ce majeure or o!r provision 9 any      
,,libor ,contract71 7ii7 giv+ any p]son 

! "r to unilat]ally t]m9ate or susp5d   
p]=mance "u any ,,libor ,contract1 7iii7
 con/itut+ a brea* ( any ,,libor        
,contract1 or 7iv7 void+ or nullify+ any
 ,,libor ,contract4  7c7 ,no p]son %all 
be subject to any claim or cause (      
action 9 law or equity or reque/ =      
equitable relief1 or h liability =      
damages1 aris+ out ( or relat$ to !     
selection or use ( a ,bo>d-,select$     
,b5*m>k ,replacem5t or ! det]m9ation1   
implem5tation1 or p]=mance ( ,b5*m>k    
,replacem5t ,con=m+ ,*anges1 9 ea* case 
by op]ation ( section #d2 provid$1      
h[ev]1 t any p]son 7includ+ a ,calculat+
 ,p]son7 %all rema9 subject to any exi/+
 legal1 regulatory1 or contractual      
obligations to correct s]vic+ or o!r    
m9i/]ial errors "u or 9 respect ( a     
,,libor ,contract4  7d7 ,! selection or 
use ( a ,bo>d-,select$ ,b5*m>k          
,replacem5t or ! det]m9ation1           
implem5tation1 or p]=mance ( ,b5*m>k    
,replacem5t ,con=m+ ,*anges1 9 ea* case 
by op]ation ( section #d1 %all n be     

deem$ to-- 7#a7 be an am5dm5t or        
modification ( any ,,libor ,contract2 or
  7#b7 prejudice1 impair1 or affect any 
p]son's rights1 int]e/s1 or obligations 
"u or 9 respect ( any ,,libor ,contract4
  7e7 ,except z provid$ 9 ei!r          
subsections 7a71 7b71 or 7c7 ( section  
#d1 ! provisions ( ?is ,act %all n be   
int]pret$ z creat+ any negative inf]5ce 
or negative presumption reg>d+ !        
validity or en=ceability (-- 7#a7 any   
,b5*m>k ,replacem5t 7includ+ any me?od =
 calculat+1 det]m9+1 or implem5t+ an    
adju/m5t to ! ,b5*m>k ,replacem5t to    
acc\nt = any hi/orical diff]5ces betwe5 
,,libor & ! ,b5*m>k ,replacem5t7 t is n 
a ,bo>d-,select$ ,b5*m>k ,replacem5t2 or
  7#b7 any *anges1 alt]ations1 or       
modifications to or 9 respect ( a       
,,libor ,contract t are n ,b5*m>k       
,replacem5t ,con=m+ ,*anges4  #f4 ,tax  
treatm5t & tax regulations = ,,ibor     
transition  7a7 ,none (-- 7#a7 !        
selection or use ( a ,bo>d-,select$     
,b5*m>k ,replacem5t z a ,b5*m>k         

,replacem5t1  7#b7 ! det]m9ation1       
implem5tation or p]=mance ( ,b5*m>k     
,replacem5t ,con=m+ ,*anges1 or  7#c7 ! 
application to any ,,libor ,contract (1 
or ! agreem5t by p>ties !reto to t]ms   
consi/5t )1 section #d1  %all be treat$ 
z a sale1 ex*ange1 or o!r disposition ( 
prop]ty = purposes ( section #ajja ( !  
,int]nal ,rev5ue ,code ( #aihf4  7b7 ,n 
lat] ?an #ahj days aft] ! date (        
enactm5t ( ?is ,act1 ! ,secret>y ( !    
,treasury %all issue su* regulations z  
may be necess>y or appropriate to c>ry  
out subsection 7a7 & address ! ,f$]al   
income tax consequ5ces ( transition+ a  
,tax-,relevant ,,ibor ,contract to a    
replacem5t b5*m>k rate4 ,su* regulations
 %all prioritize a smoo? transition f ! 
use ( a ,tax-,relevant ,,ibor_/balance !
 ne$ = a smoo? transition f ! use ( a   
,tax-,relevant ,,ibor ) ! prev5tion (   
inappropriate tax plann+4  #g4          
,preemption  7a7 ,?is ,act & !          
regulations h]eund] %all sup]s$e any &  
all laws1 /atutes1 rules1 regulations1  

or /&>ds ( any ,/ate1 ! ,di/rict (      
,columbia1 or any t]ritory or possession
 ( ! ,unit$ ,/ates1 ins(> z !y provide =
 ! selection or use ( a ,b5*m>k         
,replacem5t or relat$ con=m+ *anges4    
7b7 ,no provision ( ,/ate or local law t
 expressly limits ! mann] ( calculat+   
int]e/1 includ+ ! comp\nd+ ( int]e/1    
%all apply to ! selection or use ( a    
,bo>d-,select$ ,b5*m>k ,replacem5t or   
,b5*m>k ,replacem5t ,con=m+ ,*anges4    
#h4 ,tru/ ind5ture act ( #aici ,section 
#caf ( ! ,tru/ ,ind5ture ,act ( #aici   
7#ae ,u4,s4,c4 #ggppp7 is am5d$-- 7#a7  
by /rik+ & aft] ( subsection 7a71 9     
subsection 7b72 &  7#b7 by ins]t+ 1 &   
except t ! "r ( any hold] ( any ind5ture
 security to receive paym5t ( ! pr9cipal
 ( & int]e/ on su* ind5ture security    
%all n be deem$ to be impair$ or affect$
 by any *ange occurr+ by ! application (
 section #d ( ! ,adju/able ,int]e/ ,rate
 7,,libor7 ,act ( #bjba to any ind5ture 
security aft] subject to su* li5 9      
subsection 7b74  #i4 ,special all[ance  

paym5ts = legacy ,f$]al /ud5t loans     
,section #dch7;b77#b77;,i7 ( ! ,high]   
,education ,act 7#bj ,u4,s4,c4          
#ajhg-a7;b77#b77;,i77 is am5d$ by /rik+ 
( ! #a-mon? ,london ,int] ,bank ,(f]$   
,rate 7,,libor7 = ,unit$ ,/ates doll>s 9
 effect = ea* ( ! days 9 su* qu>t] z    
compil$ & releas$ by ! ,briti% ,bank]s  
,association & ins]t+ ( #a-mon? ,,libor 
= ,unit$ ,/ates doll>s 9 effect = ea* ( 
! days 9 su* qu>t] z adm9i/]$ by ,,ice  
,b5*m>k ,adm9i/ration ,limit$ 7or any   
successor7 or 7z det]m9$ by ! ,secret>y7
 any replacem5t b5*m>k rate = contracts 
e/abli%$ by ! ,bo>d ( ,gov]nors ( !     
,f$]al ,res]ve ,sy/em "u ! ,adju/able   
,int]e/ ,rate 7,,libor7 ,act ( #bjba44  
#aj4 ,rulemak+ ,n lat] ?an #ahj days    
aft] ! date ( enactm5t ( ?is ,act1 !    
,bo>d %all issue su* regulations z may  
be necess>y or appropriate to enable x  
to adm9i/] & c>ry out ! purposes ( ?is  
,act1 o!r ?an section #f4