12 U.S.C. § 5801

1. (a)Congress finds that—
   1. (1)LIBOR is used as a benchmark rate in more than $200,000,000,000,000 worth of contracts worldwide;
   2. (2)a significant number of existing contracts that reference LIBOR do not provide for the use of a clearly defined or practicable replacement benchmark rate when LIBOR is discontinued; and
   3. (3)the cessation or nonrepresentativeness of LIBOR could result in disruptive litigation related to existing contracts that do not provide for the use of a clearly defined or practicable replacement benchmark rate.
2. (b)It is the purpose of this chapter—
   1. (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 practicable replacement benchmark rate, without affecting the ability of parties to use any appropriate benchmark rate in new contracts;
   2. (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. (3)to allow existing contracts that reference LIBOR but provide for the use of a clearly defined and practicable replacement rate, to operate according to their terms; and
   4. (4)to address LIBOR references in Federal law.