John Libra Quoted in Bloomberg News on Federal Efforts to Ease Libor Transition
Partner John Libra spoke with Bloomberg News on potential federal legislation which would ease Wall Street’s transition from the London interbank offered rate (Libor). While the state of New York has enacted a law allowing many contracts to switch to new rates, officials from the Federal Reserve and Treasury Department spoke to the need for additional congressional action in a House Financial Services subcommittee hearing today.
Libra notes that “New York legislation doesn’t provide a universal solution,” and “potential safe harbor provisions [resulting from federal legislation] will likely reduce the amount of litigation going forward.”
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