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Ingested titles 12–51 and 54 from OLRC USLM XML @119-100 (the whole Code now, uniform edition; Title 53 is reserved/empty). LegalText 11,221 -> 59,740; repo total 105,704 records. Deterministic (byte-identical rerun, verified on Title 42's 8,356 sections); make check green. make legal-us-code default now covers every title. Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
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| LegalText | 12 U.S.C. § 5801 | Findings and purpose | us | united_states_code | code_section | 12 | BANKS AND BANKING | 55 | ADJUSTABLE INTEREST RATE (LIBOR) | 5801 | 12 U.S.C. § 5801 | current | 119-100 | 2026-06-26 | official | https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip | /us/usc/t12/s5801 | data/legal/raw/us/code/title-12/usc12.xml | 375aa2092e8622210b7b02830bfc720f5412553ed291b4c8af7949fdc9f8923e | e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa | bddf11d33a1c9ea04cd6b758770541c8c615148270ea90382facb90a7924c54e | 2026-07-04 | official |
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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’.”