Washington, D.C. — The Bank Policy Institute issued the following statement today in response to the U.S. House Committee on Financial Services vote in favor of passing legislation to address the impending LIBOR transition:
BPI commends the House Financial Services Committee for passing legislation that will provide certainty for the market and customers on tough legacy contracts that utilize LIBOR. Along with the continuing development and market uptake of alternative reference rates, today’s legislation will greatly help banks continue to serve their customers in the ongoing transition from LIBOR.
About Bank Policy Institute.
The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks and their customers. Our members include universal banks, regional banks and the major foreign banks doing business in the United States. Collectively, they employ almost 2 million Americans, make nearly half of the nation’s small business loans, and are an engine for financial innovation and economic growth.
Bank Policy Institute