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In a 415-9 vote, the U.S. House of Representatives passed the Adjustable Interest Rate (LIBOR) Act of 2021. The LIBOR Act will now move to the Senate for consideration.

The Alternative Reference Rates Committee, acting as the "Relevant Recommending Body" under LIBOR legislation enacted in New York and Alabama, officially selected and recommended replacement benchmarks, based on the Secured Overnight Financing Rate, to replace 1-week and 2-month U.S. dollar LIBOR in contracts that are within the scope of these two state statutes.

Refinitiv, the vendor selected by the Alternative References Rates Committee to publish spread-adjusted rates for cash products, launched production-ready fallback rates that are available for immediate use on institutional cash products.

The Securitization Working Group of the Alternative Reference Rates Committee issued an addendum to a white paper on options for using the Secured Overnight Financing Rate in new asset-backed securities products. In the addendum the SWG describes how an "in arrears" methodology can be used as the reference rate in new U.S.-issued ABS products.