Regulation Implementing the Adjustable Interest Rate (LIBOR) Act

Document 2022-15658 is a Proposed Rule published by the Federal Reserve System in the Federal Register on July 28, 2022. The Board is inviting comment on a proposed regulation that would implement the Adjustable Interest Rate (LIBOR) Act. The proposed rule would establish benchmark replacements for contracts governed by U.S. law that reference certain tenors of U.S. dollar LIBOR (the overnight and one-, three-, six-, and 12-month tenors) and that do not have terms that provide for the use of a clearly defined and practicable replacement benchmark rate following the first London banking day after June 30, 2023. The proposed rule also would provide additional definitions and clarifications consistent with the Adjustable Interest Rate (LIBOR) Act. View the original at https://www.federalregister.gov/documents/2022/07/28/2022-15658/regulation-implementing-the-adjustable-interest-rate-libor-act.

No. Document 2022-15658 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.