Fabio
76b8ec33a7
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>
62 lines
3.0 KiB
Markdown
62 lines
3.0 KiB
Markdown
---
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type: "LegalText"
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title: "12 U.S.C. § 5801"
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description: "Findings and purpose"
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jurisdiction: "us"
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corpus: "united_states_code"
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kind: "code_section"
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title_number: 12
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title_name: "BANKS AND BANKING"
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chapter_number: "55"
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chapter_name: "ADJUSTABLE INTEREST RATE (LIBOR)"
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section: "5801"
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citation: "12 U.S.C. § 5801"
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status: "current"
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release_point: "119-100"
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release_date: "2026-06-26"
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source: "official"
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source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip"
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source_identifier: "/us/usc/t12/s5801"
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source_file: "data/legal/raw/us/code/title-12/usc12.xml"
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source_hash: "375aa2092e8622210b7b02830bfc720f5412553ed291b4c8af7949fdc9f8923e"
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raw_snapshot_hash: "e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa"
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text_hash: "bddf11d33a1c9ea04cd6b758770541c8c615148270ea90382facb90a7924c54e"
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retrieved_at: "2026-07-04"
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confidence: "official"
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tags: ["legal", "us-code"]
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---
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# 12 U.S.C. § 5801 - Findings and purpose
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## Text
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(a) Findings Congress finds that—
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(1) LIBOR is used as a benchmark rate in more than $200,000,000,000,000 worth of contracts worldwide;
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(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
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(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.
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(b) Purpose It is the purpose of this chapter—
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(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;
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(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;
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(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
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(4) to address LIBOR references in Federal law.
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(Pub. L. 117–103, div. U, § 102, Mar. 15, 2022, 136 Stat. 825.)
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## Notes
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Editorial Notes
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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.
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Statutory Notes and Related Subsidiaries
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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’.”
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