The House Financial Services Committee has reported H.R. 4616, a bill designed to prevent the chaos feared when the use of the LIBOR benchmark ceases for legacy contracts that lack language authorizing reliance on an alternative, “fallback” rate. The measure in no way obviates the obligation U.S. financial institutions have to various regulators to abandon LIBOR where fallback language exists or in new contracts. Instead, the bill only applies to eligible legacy contracts to prevent disruptive disputes that could expose financial institutions and even the system as a whole to significant operational or even credit risk. SOFR is the preferred benchmark replacement, providing considerable stability to derivatives contracts subject to U.S. law.