Fed Vice Chair Stresses Need To Halt New Libor Issuances

Law360 (March 22, 2021, 9:52 PM EDT) -- The Federal Reserve's vice chairman for bank supervision said Monday that usage of U.S. dollar Libor as a reference rate has actually risen in recent years, a trend he warned "must obviously change" as the benchmark approaches its planned retirement. 

In remarks at an online symposium, Fed Vice Chair Randal Quarles said the estimated dollar amount of outstanding financial instruments tied to the London Interbank Offered Rate has grown from about $200 trillion three years ago to nearly $223 trillion today.

That growth has taken place even as regulators have repeatedly told the financial industry since 2017 that Libor's days are...

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