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U.S. Congress to Vote Wednesday on Libor Bill


2021-12-089463 Views
Dec. 8 ，The House of Representatives plans to vote Wednesday on a measure that would protect $16 trillion in financial contracts from legal chaos when the London Interbank Offered Rate (Libor) expires, House Majority Leader Hoyer's office said. Lawmakers will vote on Democratic Rep. Brad Sherman's amendment, which would require a two-thirds majority to pass and then would go to the Senate. The proposal was previously shelved due to controversy over whether the IRS could recalculate a business's tax liability in the contract transition. Theoretically, the IRS move could erode banks' profits.





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