Comment: US Senate Libor-transition bill wins across-the-board backing by Wall Street, regulators
By Neil Roland and Laina S. Miller ( March 3, 2022, 21:30 GMT | Comment) -- Democratic and Republican senators who rarely see eye to eye are backing Libor-transition legislation endorsed by Wall Street and US regulators that seeks to give legal clarity to existing financial contracts that lack adequate fallback language and can’t easily be changed. Federal Reserve chief Jerome Powell also lent his imprimatur today at a Senate Banking Committee hearing, cementing the likelihood a bill already passed by the House will also pass the Senate and be signed by President Joe Biden.Democratic and Republican senators who rarely see eye-to-eye are backing Libor-transition legislation endorsed by Wall Street and US regulators that seeks to give legal clarity to existing financial contracts that lack adequate fallback language and can’t easily be changed....
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