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12 USC § 5801 - Findings and purpose 

---
identifier: "/us/usc/t12/s5801"
source: "usc"
legal_status: "official_prima_facie"
title: "12 USC § 5801 - Findings and purpose"
title_number: 12
title_name: "BANKS AND BANKING"
section_number: "5801"
section_name: "Findings and purpose"
chapter_number: 55
chapter_name: "ADJUSTABLE INTEREST RATE (LIBOR)"
positive_law: false
currency: "119-84"
last_updated: "2026-04-17"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(Pub. L. 117–103, div. U, § 102, Mar. 15, 2022, 136 Stat. 825.)"
---

# § 5801. Findings and purpose

**(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.

---

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

## Editorial Notes

### References in Text

This chapter, referred to in subsec. (b), was in the original “this division”, meaning div. U of , , , 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 Title

> “This division [enacting this chapter and amending
> 
> , Commerce and Trade, and
> 
> , Education] may be cited as the ‘Adjustable Interest Rate (LIBOR) Act’.”

, , , provided that: