On April 21, the Financial Times published an op-ed by SFA CEO Michael Bright on the transition away from the London Inter-Bank Offered Rate (LIBOR). In it he warns, “Only Congress has the power to ensure an economically neutral outcome without years of court wrangling and confusion. Federal legislation for all (LIBOR)-based contracts is the best way to end this saga once and for all.” The op-ed comes on the heels of an April 15 hearing by the House Financial Services Subcommittee on Investor Protection, Entrepreneurship and Capital Markets on LIBOR transition. SFA remains engaged with Members of Congress, congressional staff, regulators, and industry allies as we advocate for federal action as the best solution to address tough legacy LIBOR contracts that will remain outstanding after the LIBOR cessation date of June 30, 2023.
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