U.S. legislation designed to protect trillions in assets from chaos when global regulators phase out the interest-rate benchmark Libor is being held up in the House.
U.S. legislation designed to protect trillions of dollars of assets from chaos when global regulators phase out the interest-rate benchmark Libor is being held up in the House, over a dispute involving tax-related language, according to lawmakers and congressional aides.
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Lawmakers from both parties are pushing for legislation to automatically substitute a new interest rate benchmark for the expiring London interbank offered rate in certain hard-to-amend legacy contracts.