{"data":{"id":"us/12-u.s.c.-5801","jurisdiction":"us","citation":"12 U.S.C. § 5801","heading":"Findings and purpose","body":"(a) FindingsCongress finds that—(1) LIBOR is used as a benchmark rate in more than $200,000,000,000,000 worth of contracts worldwide; (2) a significant number of existing contracts that reference LIBOR do not provide for the use of a clearly defined or practicable replacement benchmark rate when LIBOR is discontinued; and (3) the cessation or nonrepresentativeness of LIBOR could result in disruptive litigation related to existing contracts that do not provide for the use of a clearly defined or practicable replacement benchmark rate. (b) PurposeIt is the purpose of this chapter—(1) to establish a clear and uniform process, on a nationwide basis, for replacing LIBOR in existing contracts the terms of which do not provide for the use of a clearly defined or practicable replacement benchmark rate, without affecting the ability of parties to use any appropriate benchmark rate in new contracts; (2) to preclude litigation related to existing contracts the terms of which do not provide for the use of a clearly defined or practicable replacement benchmark rate; (3) to allow existing contracts that reference LIBOR but provide for the use of a clearly defined and practicable replacement rate, to operate according to their terms; and (4) to address LIBOR references in Federal law.","path":["Title 12—BANKS AND BANKING","CHAPTER 55—ADJUSTABLE INTEREST RATE (LIBOR)"],"source_url":"https://uscode.house.gov/download/releasepoints/us/pl/119/103/xml_usc12@119-103.zip","current_through":"Public Law 119-103 (09/02/2026)","vintage":"","retrieved_at":"2026-09-10T05:56:24Z","sha256":"f221aefc8b80c33abebe9d6b5e6bc345c662195ae903c1e4ee6e7fd7b59a0ab1","source_id":"us","stale":false,"prev":"us/12-u.s.c.-5710","next":"us/12-u.s.c.-5802"},"notice":"GroundRules: Original legal text. Not legal advice."}