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2022 Omnibus Headed to the President; Includes LIBOR Fix
3/11/2022 · by CRE Finance Council · Tracking the LIBOR to SOFR Transition · Press Releases and Alerts
As a follow-up to our previous Alert, late yesterday, an omnibus spending package for the 2022 fiscal year cleared the Senate after a frenzied stretch of negotiations and is headed to the President. While the macro components of the legislation include aid to Ukraine and $1.5 trillion to fund the government through September 30, an important component is the inclusion of a long-awaited legislative fix for financial contracts that do not consider LIBOR’s permanent cessation and have no workable fallbacks (so-called “tough legacy” contracts).