1、 https:/crsreports.congress.gov Updated March 21, 2022The LIBOR TransitionLIBOR is a key benchmark interest rate underpinning many financial contracts, but it is being discontinued between December 2021 and June 2023. This In Focus discusses efforts to transition away from the use of LIBOR in financ
2、ial products in order to avoid disruption if LIBOR disappears, including Division U of P.L. 117-103. LIBOR What Is LIBOR? LIBOR refers to the London Interbank Offered Rate. It is privately determined by polling more than a dozen large global banks in London about the interest rate at which they can
3、borrow for various lengths of time (“tenors”) in U.S. dollars and four other currencies. Thus, at any point in time, there are several “LIBOR” rates. LIBOR dates back to the 1960s and has been published daily since 1986. How Is It Used? LIBOR is a benchmark or reference rate that helps financial mar
4、ket participants gauge prevailing interest rates. In the United States, many financial instruments are tied to dollar LIBORs, including certain floating-rate loans, bonds, securitized products, and financial derivatives. For example, an adjustable mortgage rate might be set at LIBOR plus a fixed mar
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