BILL · 2021–22 SESSION · LATEST VERSION SSB 5946

SB 5946: LIBOR discontinuance

Protecting consumers from the discontinuance of the London interbank offered rate.

Summary

Provides that, upon the London Interbank Offered Rate (LIBOR) replacement date, references to the LIBOR as the benchmark in certain contracts, securities, and instruments without applicable fallback provisions will be replaced by the Secured Overnight Financing Rate.
Establishes events that constitute the LIBOR replacement date in certain contracts, securities, and instruments.

From the Substitute House Bill Report (SSB 5946), written by the Legislature's nonpartisan staff. Read the full report ↗

Did not pass Did not pass · passed Senate, stalled in House

AN ACT Relating to protecting consumers from the discontinuance of the London interbank offered rate;

Passed February 11, 2022

Version voted on: SSB 5946

49 Yea 0 Nay 0 Absent 0 Excused

Party	Yea	Nay	Absent	Excused
Democrat	29	0	0	0
Republican	20	0	0	0

How each member voted

Mar 10, 2022By resolution, returned to Senate Rules Committee for third reading. (SSB 5946)
Feb 24, 2022Referred to Rules 2 Review. (SSB 5946)
Feb 23, 2022CPB - Executive action taken by committee. (SSB 5946)
Feb 23, 2022Minority; do not pass. (SSB 5946)
Feb 23, 2022CPB - Majority; do pass. (SSB 5946)
Feb 13, 2022First reading, referred to Consumer Protection & Business. (SSB 5946)
Feb 11, 2022Third reading, passed; yeas, 49; nays, 0; absent, 0; excused, 0. (SSB 5946)
Feb 11, 2022Rules suspended. Placed on Third Reading. (SSB 5946)
Feb 11, 20221st substitute bill substituted. (SSB 5946)
Feb 11, 20221st substitute bill substituted.
Feb 10, 2022Placed on second reading consent calendar. (SSB 5946)
Feb 10, 2022Placed on second reading consent calendar.
Feb 2, 2022Passed to Rules Committee for second reading. (SSB 5946)
Feb 2, 2022Passed to Rules Committee for second reading.
Feb 1, 2022BFST - Majority; 1st substitute bill be substituted, do pass. (SSB 5946)
Feb 1, 2022BFST - Majority; 1st substitute bill be substituted, do pass.
Jan 26, 2022First reading, referred to Business, Financial Services & Trade.

Bill numbers restart every two years, so the same number is a different bill in each session.

SB 5946 (2025–26) Medical assist. eligibility · Did not pass · died in committee
SB 5946 (2023–24) Fallen firefighter memorial · Did not pass · stalled on the Senate floor
SB 5946 (2019–20) SEPA/shelters & encampments · Did not pass · passed Senate, stalled in House
SB 5946 (2017–18) TESC privatization · Did not pass · died in committee
SB 5946 (2015–16) Students with disabilities · Did not pass · died in committee
SB 5946 (2013–14) Student educational outcomes · Enacted with partial veto · Chapter 18, Laws of 2013, 2nd Special Session
SB 5946 (2011–12) Excise tax collection · Did not pass · died in committee
SB 5946 (2009–10) Student press & speech · Did not pass · died in committee