Fed Chair Throws Cold Water On Libor Legislation Idea

Law360 (February 11, 2020, 6:29 PM EST) -- The head of the Federal Reserve told House lawmakers Tuesday that his agency doesn’t see a need for any new federal legislation to help the financial industry smoothly ride out the impending end of the London Interbank Offered Rate, a benchmark used in pricing trillions of dollars of financial instruments.

Appearing before the House Financial Services Committee, Federal Reserve Chairman Jerome Powell said federal regulators are working hard to make sure banks and other financial services firms are ready by the end of next year for Libor’s cessation, but he didn’t bite when the prospect of congressional intervention was floated by...

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