Federal tough legacy fix gives nod to alternative rates

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


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

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