12 U.S.C. § 5801 — Findings and purpose

Page 2023 TITLE 12—BANKS AND BANKING § 5802 (2) Sex offense certification With respect to funds received by a partici- pating State under the Program, any private entity that receives a loan, a loan guarantee, or other financial assistance using such funds after March 11, 2021, shall certify to the par- ticipating State that the principals of such en- tity have not been convicted of a sex offense against a minor (as such terms are defined in section 20911 of title 34). (c) Prohibition on pornography None of the funds made available under this chapter may be used to pay the salary of any in- dividual engaged in activities related to the Pro- gram who has been officially disciplined for vio- lations of subpart G of the Standards of Ethical Conduct for Employees of the Executive Branch for viewing, downloading, or exchanging pornog- raphy, including child pornography, on a Fed- eral Government computer or while performing official Federal Government duties. (Pub. L. 111–240, title III, § 3011, Sept. 27, 2010, 124 Stat. 2581; Pub. L. 113–188, title IX, § 901(d), Nov. 26, 2014, 128 Stat. 2020; Pub. L. 117–2, title III, § 3301(a)(1)(G), Mar. 11, 2021, 135 Stat. 69.) Editorial Notes AMENDMENTS 2021—Subsec. (b). Pub. L. 117–2 substituted ‘‘March 11, 2021’’ for ‘‘September 27, 2010’’ in pars. (1) and (2). 2014—Subsecs. (b) to (d). Pub. L. 113–188 redesignated subsecs. (c) and (d) as (b) and (c), respectively, and struck out former subsec. (b). Prior to amendment, text of subsec. (b) read as follows: ‘‘The Comptroller General of the United States shall perform an annual audit of the Program and issue a report to the appropriate com- mittees of Congress containing the results of such audit.’’ Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2021 AMENDMENT Amendment by Pub. L. 117–2 applicable with respect to funds appropriated under section 3301 of Pub. L. 117–2 and funds appropriated on and after Mar. 11, 2021, see section 3301(g) of Pub. L. 117–2, set out as a note under section 5701 of this title. CHAPTER 55—ADJUSTABLE INTEREST RATE (LIBOR) Sec. 5801. Findings and purpose. 5802. Definitions. 5803. LIBOR contracts. 5804. Continuity of contract and safe harbor. 5805. Benchmark for loans. 5806. Preemption. 5807. Rulemaking. § 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 con- tracts worldwide; (2) a significant number of existing con- tracts that reference LIBOR do not provide for the use of a clearly defined or practicable re- placement benchmark rate when LIBOR is dis- continued; and (3) the cessation or nonrepresentativeness of LIBOR could result in disruptive litigation re- lated 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 prac- ticable replacement benchmark rate, without affecting the ability of parties to use any ap- propriate 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 de- fined and practicable replacement rate, to op- erate according to their terms; and (4) to address LIBOR references in Federal law. (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 Pub. L. 117–103, Mar. 15, 2022, 136 Stat. 825, known as the Adjust- able 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 Pub. L. 117–103, div. U, § 101, Mar. 15, 2022, 136 Stat. 825, provided that: ‘‘This division [enacting this chapter and amending section 77ppp of Title 15, Commerce and Trade, and section 1087–1 of Title 20, Education] may be cited as the ‘Adjustable Interest Rate (LIBOR) Act’.’’ § 5802. Definitions In this chapter: (1) Benchmark The term ‘‘benchmark’’ means an index of interest rates or dividend rates that is used, in whole or in part, as the basis of or as a ref- erence for calculating or determining any valuation, payment, or other measurement. (2) Benchmark administrator The term ‘‘benchmark administrator’’ means a person that publishes a benchmark for use by third parties. (3) Benchmark replacement The term ‘‘benchmark replacement’’ means a benchmark, or an interest rate or dividend rate (which may or may not be based in whole or in part on a prior setting of LIBOR), to re- place LIBOR or any interest rate or dividend rate based on LIBOR, whether on a temporary, permanent, or indefinite basis, under or with respect to a LIBOR contract.