Federal bill unpicks some, not all, US Libor legacy knots

Legislative effort is progressing with bipartisan support, but non-US law contracts won’t benefit

US lawmakers may be about to cut the Gordian knot of so-called tough legacy instruments tied up in the $200 trillion US dollar Libor transition, with a federal bill that has support from both sides of the political aisle.

The Adjustable Interest Rate (Libor) Act was passed by the House Financial Services Committee on July 29. If advanced by House and Senate votes, it will provide safe harbour under federal law for the toughest legacy contracts, including bonds and securitisations that otherwise

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