Title 12 — Banks and Banking
Chapter 55 — Adjustable Interest Rate (libor)
§ 5806. Preemption
Statutory text
This chapter, and regulations promulgated under this chapter, shall supersede any provision of any State or local law, statute, rule, regulation, or standard—
relating to the selection or use of a benchmark replacement or related conforming changes; or
expressly limiting the manner of calculating interest, including the compounding of interest, as that provision applies to the selection or use of a Board-selected benchmark replacement or benchmark replacement conforming changes.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Department of Commerce Appropriations Act, 2022
Pub. L. 117–103 div. U § 107 · 136 Stat. 49
Enacted · 12 U.S.C. § 5806
(Pub. L. 117–103, div. U, § 107, Mar. 15, 2022, 136 Stat. 832.)
Source evidence
Code source credit
(Pub. L. 117–103, div. U, § 107, Mar. 15, 2022, 136 Stat. 832.)Enacted provision · exact public law section
Sec. 107. The Administrator of the National Oceanic and Atmospheric Administration is authorized to use, with their consent, with reimbursement and subject to the limits of available appropriations, the land, services, equipment, personnel, and facilities of any department, agency, or instrumentality of the United States, or of any State, local government, Indian Tribal government, Territory, or possession, or of any political subdivision thereof, or of any foreign government or international organization, for purposes related to carrying out the responsibilities of any statute administered by the National Oceanic and Atmospheric Administration.
1 of 1 references resolved to an enrolled provision
Editorial Notes
References in Text
This chapter, referred to in text, was in the original “this division”, meaning div. U of Pub. L. 117–103, , 136 Stat. 825, known as the Adjustable Interest Rate (LIBOR) Act, which is classified principally to this chapter. For complete classification of div. U to the Code, see Short Title note set out under section 5801 of this title and Tables.