Washington, D.C. — BPI CEO Greg Baer today released the following statement on the LIBOR transition bill passed by the House of Representatives:
“BPI applauds the passage of bipartisan legislation in the House of Representatives that will help with the LIBOR transition by providing clarity to tough legacy contracts without adequate fallback language. Businesses and households will benefit from legislation that removes the frictions of a costly, complicated LIBOR transition from these contracts. We look forward to working with the Senate to advance the legislation and ensure it will provide adequate certainty for these contracts to continue after LIBOR.”
BPI has long supported federal legislation for tough legacy LIBOR contracts that lack sufficient fallback provisions. We expressed support for the House bill in a congressional letter this week alongside a group of financial trades. We also urged Congress to enact tough legacy transition legislation in a blog post and separate letters to senior members of the House Financial Services Committee and Senate Banking Committee leaders.
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