Congress readies surprise ‘tough legacy’ Libor fix

Federal legislation to ensure legacy Libor contracts can move to SOFR is in the works


Democrats in Congress are working on federal legislation that would make it easier to move so-called tough legacy contracts referencing US dollar Libor to a replacement benchmark, has learned.

The Congressional bill is being drafted by Brad Sherman, Democrat representative for California’s 30th District and chairman of the House Financial Services Subcommittee on Investor Protection, Entrepreneurship and Capital Markets. It largely mimics legislation introduced in the New York State

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