This spring, Congress passed the LIBOR Act, which was intended to create a clear and uniform process for touch legacy contracts – those lacking workable LIBOR fallback language – to transition to replacement rates. In July, the Federal Reserve released a proposal to implement the LIBOR Act. While business loans typically have some form of fallback language and generally were not in scope of the legislation, the LIBOR Act and the Federal Reserve’s Rulemaking could impact some loan agreements. Presented by Meredith Coffey, Executive Vice President – Research Co-Head – Public Policy, LSTA, Jeffrey Nagle, Partner Cadwalader, Wickersham & Taft, Lary Stromfeld, Partner, Cadwalader, Wickersham & Taft and Tess Virmani, AGC & EVP – Public Policy, Head of ESG, LSTA.
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Membership in the LSTA offers numerous benefits and opportunities. Chief among them is the opportunity to participate in the decision making process that ultimately establishes loan market standards, develops market practices, and influences the market’s direction.