On March 31, 2017, Senator Pat Toomey (R-Pa.) sent a letter to the Comptroller General of the U.S. General Accounting Office (GAO) asking whether the Interagency Guidance on Leveraged Lending constitutes a “rule” for purposes of the Congressional Review Act (CRA).  The CRA applies to agency “rules” (as defined in the CRA) and provides an expedited mechanism for Congress to invalidate rules that it disapproves. Senator Toomey has requested a response from the GAO by June 1, 2017. To provide its members with background on the CRA and the possible implications of Sen. Toomey’s request, the LSTA has worked with Sidley Austin to compile this series of questions and answers on the CRA and the Leveraged Lending Guidance.


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2020 Secondary Trading Executive Summary

LSTA secondary loan trading volume increased 4% to a record $772B in 2020. The COVID-19 induced price volatility of March went on to set the…

We Await LIBOR Announcements But Can Still Act Today

Once ICE Benchmark Administration’s (“IBA”) consultation on its intentions to cease the publication of LIBOR closes on Monday, their feedback statement could follow shortly thereafter.

Election News: New LSTA Board Inaugurated

n January 19, 2021, the LSTA held its Annual Member Meeting, electing its 2021 Board of Directors. The Board of Directors are a dedicated lot,…