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FRS RIN: 7100-AG34 Publication ID: Fall 2022 
Title: ●Regulation ZZ -- Implementing the Adjustable Interest Rate (LIBOR) Act (Docket No: R-1775) 

The Board invited comment on a proposed regulation that would implement the Adjustable Interest Rate (LIBOR) Act. The proposed rule would establish benchmark replacements for contracts governed by U.S. law that reference certain tenors of U.S. dollar LIBOR (the overnight and one-, three-, six-, and 12-month tenors) and that do not have terms that provide for the use of a clearly defined and practicable replacement benchmark rate following the first London banking day after June 30, 2023. The proposed rule also would provide additional definitions and clarifications consistent with the Adjustable Interest Rate (LIBOR) Act.  The Board expects to issue a final rule in 2022.

Agency: Federal Reserve System(FRS)  Priority: Substantive, Nonsignificant 
RIN Status: First time published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 12 CFR 253   
Legal Authority: 12 U.S.C 5801   
Legal Deadline:  None
Action Date FR Cite
Board Requested Comment  07/28/2022  87 FR 45268   
Board Expects Further Action  12/00/2022 
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Lucy Chang
Special Counsel
Federal Reserve System
Legal Division,
Washington, DC 20551
Phone:202 475-6331