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ABA: The American Bankers Association
Statement

ABA Applauds Inclusion of LIBOR Bill in Omnibus Bill

"ABA applauds House and Senate lawmakers for including the bicamerally negotiated Adjustable Interest Rate (LIBOR) Act, which passed the House with strong bipartisan support, in the omnibus government funding package. This legislation will address 'tough legacy' contracts that currently reference LIBOR. With this action today, Congress continues to express overwhelming support for a federal solution to ensure investors, consumers and issuers of securities avoid years of uncertainty and unexpected economic losses from LIBOR’s cessation. We thank Congressman Sherman, Congressman Huizenga, Senator Tester, Senator Tillis, Chairman Brown, Ranking Member Toomey, Chairwoman Waters and Ranking Member McHenry for their leadership on this issue and for providing a bipartisan solution that offers fair, equitable and consistent treatment for all tough legacy contracts in support of the LIBOR transition. We look forward to the passage of the omnibus and for the president to sign it into law."

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $23.7 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $19.6 trillion in deposits and extend $11.8 trillion in loans.

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