Washington, D.C. — BPI President and CEO Greg Baer released the following statement on a LIBOR transition bill included as part of the omnibus in the House today:
“BPI welcomes the inclusion of this important piece of legislation spearheaded by Sen. Tester, Sen. Tillis and Rep. Sherman. It brings much-needed clarity to consumers, investors, businesses and banks with certain LIBOR-based contracts. Its targeted approach provides clear relief for tough-legacy LIBOR contracts that don’t have adequate fallback language that will prevent unnecessary costs during the transition away from LIBOR. We encourage the House and Senate to quickly pass and to send this legislation to the President’s desk.”
Learn more about our work on LIBOR here:
- BPI Commends House Passage of LIBOR Bill
- BPI and Coalition of Trades Support Legislation Addressing LIBOR ‘Tough Legacy’ Contracts
- BPI and Coalition of Trades Express Support for Adjustable Interest Rate (LIBOR) Act of 2021
- BPI Commends HFSC for Passage of Legislation Addressing LIBOR Transition
- Credit-Sensitive Benchmarks in a Post-LIBOR World
- Federal Legislation Would Save ‘Tough Legacy’ Contracts from LIBOR Limbo
- BPI and Industry Coalition Encourage Federal Legislation to Address ‘Tough Legacy’ Contracts
- A Replacement for LIBOR as a Loan Benchmark Would Ideally Be Sensitive to Liquidity Risk as Well as Credit Risk
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.