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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!