,,ib ,union ,cal5d> ,no4 #adg #aag?     
,,congress  #a/ ,session  ,h4 ,r4 #dfaf 
,report ,no4 #aag-bjf1 ,"p ,i ,,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$  ,decemb] #g1 #bjba,report$ f ! 
,committee on ,f9ancial ,s]vices ) an   
amendment,strike out all aft] ! enact+  
clause & ins]t ! "p pr9t$ 9 italic      
,decemb] #g1 #bjba;,committees on ,ways 
& ,means & ,education & ,labor dis*>g$2 
committ$ to ! ,committee ( ! ,:ole ,h\se
 on ! ,/ate ( ! ,union & ord]$ to be    
printed,for text ( introduc$ bill1 see  
copy ( bill z introduc$ on ,july #bb1   
#bjba  ,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 ( ?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]ms4  7c7 ,rule
 ( con/ruction ,no?+ 9 ?is ,act %all be 
con/ru$ to disfavor ! use ( any b5*m>k  
rate on a prospective basis4  #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 bas$ on ,,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 mean any te*nical1 adm9i/rative1  
or op]ational *anges1 alt]ations1 or    
modifications t-- 7,a7 ! ,bo>d e/abli%es
 = ! purpose ( facilitat+ !             
implem5tation1 adm9i/ration1 &          
calculation ( ! ,bo>d-,select$ ,b5*m>k  
,replacem5t2 or  7,b7 9 ! reasonable    
judgm5t ( a ,calculat+ ,p]son1 are      
o!rwise necess>y or appropriate to p]mit
 ! implem5tation1 adm9i/ration1 &       
calculation ( ! ,bo>d-,select$ ,b5*m>k  
,replacem5t "u or 9 respect ( a ,,libor 
,contract aft] giv+ due consid]ation to 
any ,b5*m>k ,replacem5t ,con=m+ ,*anges 
"u subp>agraph 7,a74  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 ,consum] ,loan %all mean 
a consum] cr$it transaction4 ,= purposes
 ( ?is p>agraph1 ! t]ms consum] & cr$it 
h ! mean+ giv5 ^? t]ms1 respectively1 "u
 section #ajc ( ! ,tru? 9 ,l5d+ ,act    
7#ae ,u4,s4,c4 #afjb74  7#i7 ,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#aj7 ,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#aa7 ,,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$ecessor
 or successor !re(74 ,,libor %all n     
include ! #a-week or #b-mon? t5ors (    
,u4,s4 doll> ,,libor4  7#ab7 ,,libor    
,contract %all mean1 )\t limitation1 any
 contract1 agreem5t1 ind5ture1          
organizational docum5ts1 gu>antee1      
mortgage1 de$ ( 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#ac7 ,,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#ad7 ,security %all h ! 
mean+ assign$ to su* t]m 9 section      
#b7;a7 ( ! ,securities ,act ( #aicc 7#ae
 ,u4,s4,c4 #gg;b7a774  7#ae7 ,,s(r %all 
mean ! ,secur$ ,ov]night ,f9anc+ ,rate  
publi%$ by ! ,f$]al ,res]ve ,bank ( ,new
 ,york 7or a successor adm9i/rator74    
7#af7 ,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 7b7--
 7#a7 conta9s no ,fallback ,provisions2 
or  7#b7 conta9s ,fallback ,provisions t
 id5tify nei!r-- 7,a7 a specific ,b5*m>k
 ,replacem5t2 nor  7,b7 a ,det]m9+      
,p]son4  7b7 ,on ! ,,libor ,replacem5t  
,date1 any ref]5ces 9 ! ,fallback       
,provisions ( a ,,libor ,contract to--  
7#a7 a ,b5*m>k ,replacem5t t is bas$ 9  
any way on any ,,libor value1 except to 
acc\nt = ! diff]5ce betwe5 ,,libor & !  
,b5*m>k ,replacem5t1 or  7#b7 a         
requirem5t t a p]son 7o!r ?an a ,b5*m>k 
,adm9i/rator7 conduct a poll1 survey1 or
 inquiries = quotes or in=mation conc]n+
 int]bank l5d+ or deposit rates1  %all  
be disreg>d$ z if n includ$ 9 !         
,fallback ,provisions ( 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 n be     
requir$ to obta9 cons5t f 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$]al consum] f9ancial law t requires  
cr$itors to notify borr[]s reg>d+ a     
*ange-9-t]ms4  7h7 ,except z provid$ 9  
section #e7;c71 ! provisions ( ?is ,act 
%all n alt] or impair ! rights or       
obligations ( any p]son1 or ! au?orities
 ( any ag5cy1 "u ,f$]al consum] f9ancial
 law 7z def9$ 9 section #ajjb7ad7 ( !   
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act 7#ab ,u4,s4,c4
 #edha7ad774  #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+ solely out ( ! 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       
,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    
#g4 ,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  #h4 ,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 ,act4  #i4    
,int]bank (f]$ rate transition rule (   
con/ruction ,none (-- 7#a7 ! selection  
or use ( a ,bo>d-,select$ ,b5*m>k       
,replacem5t z a ,b5*m>k ,replacem5t1    
7#b7 ! det]m9ation1 implem5tation1 or   
p]=mance ( ,b5*m>k ,replacem5t ,con=m+  
,*anges2 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 transf]1       
disposition1 or conv]sion ( prop]ty4    
,decemb] #g1 #bjba,report$ f !          
,committee on ,f9ancial ,s]vices ) an   
amendment,december #g1 #bjba;,committees
 on ,ways & ,means & ,education & ,labor
 dis*>g$2 committ$ to ! ,committee ( !  
,:ole ,h\se on ! ,/ate ( ! ,union &     
ord]$ to be pr9t$