---
type: "LegalText"
title: "12 U.S.C. § 5801"
description: "Findings and purpose"
jurisdiction: "us"
corpus: "united_states_code"
kind: "code_section"
title_number: 12
title_name: "BANKS AND BANKING"
chapter_number: "55"
chapter_name: "ADJUSTABLE INTEREST RATE (LIBOR)"
section: "5801"
citation: "12 U.S.C. § 5801"
status: "current"
release_point: "119-100"
release_date: "2026-06-26"
source: "official"
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
source_identifier: "/us/usc/t12/s5801"
source_file: "data/legal/raw/us/code/title-12/usc12.xml"
source_hash: "375aa2092e8622210b7b02830bfc720f5412553ed291b4c8af7949fdc9f8923e"
raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
text_hash: "bddf11d33a1c9ea04cd6b758770541c8c615148270ea90382facb90a7924c54e"
retrieved_at: "2026-07-04"
confidence: "official"
tags: ["legal", "us-code"]
---

# 12 U.S.C. § 5801 - Findings and purpose

## Text

(a) Findings Congress 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) Purpose It 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.

(Pub. L. 117–103, div. U, § 102, Mar. 15, 2022, 136 Stat. 825.)

## Notes

Editorial Notes

References in TextThis chapter, referred to in subsec. (b), was in the original “this division”, meaning div. U of Pub. L. 117–103, Mar. 15, 2022, 136 Stat. 825, known as the Adjustable Interest Rate (LIBOR) Act, which is classified principally to this chapter. For complete classification of div. U to the Code, see Short Title note set out below and Tables.

Statutory Notes and Related Subsidiaries

Short TitlePub. L. 117–103, div. U, § 101, Mar. 15, 2022, 136 Stat. 825, provided that: “This division [enacting this chapter and amending section 77ppp of Title 15, Commerce and Trade, and section 1087–1 of Title 20, Education] may be cited as the ‘Adjustable Interest Rate (LIBOR) Act’.”