10.5.21
On October 5, Federal Reserve Board Vice Chair Randal Quarles delivered the unambiguous message – LIBOR is ending. During his speech at the Structured Finance Association conference, SFVegas 2021, Quarles said he expects to see the market transition to SOFR accelerating in these “final 87 days” of 2021. He said federal LIBOR legislation is both “critical” and “essential.” On climate change, Quarles referred to the Fed’s core mandates in telling banks to consider all material risks, including climate change risk.