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ABA: The American Bankers Association
Statement

ABA Applauds House Passage of Adjustable Interest Rate (LIBOR) Act of 2021

“ABA applauds Representative Brad Sherman and House lawmakers for today’s bipartisan passage of the Adjustable Interest Rate (LIBOR) Act of 2021, which would address ‘tough legacy’ contracts that currently reference LIBOR. Without federal legislation to address these contracts, investors, consumers, and issuers of securities may face years of uncertainty and unexpected economic losses from LIBOR’s cessation. ABA joins with consumer groups, investors, financial regulators and industry participants in supporting this important step towards smoothing the transition from LIBOR and preventing disruption and harm to America’s economy and financial markets. We urge the Senate to move quickly to pass this critically important legislation so it can be signed into law.”

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $23.3 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $19.2 trillion in deposits and extend nearly $11 trillion in loans.

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