The President officially signed the 2022 omnibus spending bill into law today, which included solutions to address “tough legacy” LIBOR contracts and outlined rules for how private companies report cyber incidents.
BPI supports the passage of this legislation. Greg Baer, BPI President and CEO, responded to the passage:
On LIBOR “Tough Legacy” Contracts…
“This law ensures that American consumers and businesses with certain LIBOR-based contracts benefit from legal clarity. It safeguards global financial markets from uncertainty surrounding tough-legacy LIBOR contracts without adequate fallback language. We are grateful to the legislative co-sponsors and to the President for taking crucial action to smooth the path away from LIBOR.”
On Cyber Incident Reporting…
“The passage of this law will lead to a more resilient U.S. economy that is better prepared to respond to modern threats. It creates a uniform reporting standard across every major sector of the economy and gives the government the information they need to coordinate and better defend against attacks. BPI appreciates the tremendous effort made by the bill’s sponsors and the President to reach a solution and commends their commitment to prioritizing the nation’s cybersecurity.”
A successful end to a multi-year effort. Today’s passage of these provisions marks a successful end to BPI’s multi-year research and advocacy effort. These changes will benefit consumers, investors and issuers of securities by warding off years of uncertainty and litigation surrounding the end of LIBOR and will further fortify the U.S. economy against cyberattacks.
The President and Key Sponsors Warrant Tremendous Gratitude. BPI reiterates its gratitude to Congress for its willingness to collaborate with industry to reach a solution. Modernizations to cyber incident reporting requirements were made possible by the diligence and leadership of Rep. Yvette Clarke (D-NY), Rep. Andrew Garbarino (R-NY), Rep. John Katko (R-NY), Rep. Bennie Thompson (D-MS), Sen. Gary Peters (D-MI) and Sen. Rob Portman (R-OH). Efforts to address LIBOR were championed by Sen. Jon Tester (D-MT), Sen. Thom Tillis (R-NC) and Rep. Brad Sherman (D-CA).
The cyber incident reporting law must now be implemented. BPI will continue to collaborate with CISA, the National Cybersecurity Director, U.S. Treasury and regulators as they promulgate the new law.
Learn more about our work on LIBOR here:
- Senate Passes Omnibus Addressing LIBOR Transition, Cyber Incident Reporting
- BPI Statement on Inclusion of LIBOR Bill in Omnibus
- BPI Commends House Passage of LIBOR Bill
- BPI and Coalition of Trades Support Legislation Addressing LIBOR ‘Tough Legacy’ Contracts
- BPI and Coalition of Trades Express Support for Adjustable Interest Rate (LIBOR) Act of 2021
- BPI Commends HFSC for Passage of Legislation Addressing LIBOR Transition
- Credit-Sensitive Benchmarks in a Post-LIBOR World
- Federal Legislation Would Save ‘Tough Legacy’ Contracts from LIBOR Limbo
- BPI and Industry Coalition Encourage Federal Legislation to Address ‘Tough Legacy’ Contracts
- A Replacement for LIBOR as a Loan Benchmark Would Ideally Be Sensitive to Liquidity Risk as Well as Credit Risk
Learn more about our work on cyber incident reporting here:
- BPI Supports Cyber Incident Notification Rule Finalized by Banking Regulators
- Senate Passes Omnibus Addressing LIBOR Transition, Cyber Incident Reporting
- Cyber Incident Reporting Modernization Included in Omnibus, Will Help Strengthen U.S. Cybersecurity
- BPI Supports Enhanced Incident Reporting to Strengthen Cybersecurity and Resilience of Critical Infrastructure Sectors
- Incident Reporting Law Moves Toward Finish Line as Senate Seeks to Advance Sensible Solution
- Vote on NDAA Cyber Amendment Signals House Commitment to Strengthening National Cybersecurity
- One-pager: Cyber Incident Reporting Requirements & Notification Timelines for Financial Institutions
- Blog Post: The President’s Cyber E.O. is a Strong Start. Now It’s Congress’s Turn to Act
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About Bank Policy Institute.
The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks and their customers. Our members include universal banks, regional banks and the major foreign banks doing business in the United States. Collectively, they employ almost 2 million Americans, make nearly half of the nation’s small business loans, and are an engine for financial innovation and economic growth.
Media Contact
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