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Code · BILL · 117th Congress · H.R. 4616 (Introduced in House) — To deem certain references to LIBOR as referring to a replacement benchmark rate upon the occurrence of certain event... · Sec. 7

Sec. 7. Preemption

87 words·~1 min read·/bill/117/hr/4616/ih/section-7

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This Act and the regulations hereunder shall supersede any and all laws, statutes, rules, regulations, or standards of any State, the District of Columbia, or any territory or possession of the United States, insofar as they provide for the selection or use of a Benchmark Replacement or related conforming changes. No provision of State or local law that expressly limits the manner of calculating interest, including the compounding of interest, shall apply to the selection or use of a Board-Selected Benchmark Replacement or Benchmark Replacement Conforming Changes.
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