HFSC Set for Voting on LIBOR Legacy-Contract Safe Harbor
HFSC has released a list of the bills set for mark-up on Wednesday. As anticipated, these include an amended version of H.R. 4616, Sherman (D-CA) legislation providing federal clarity for outstanding LIBOR contracts. Although the bill permits multiple benchmark replacement rates, they would all need to be tied to SOFR or an adjusted SOFR for consumer-loan products under Fed standards determining how best to do so.

Global Standards Advance for ESG Ratings, Data
IOSCO today released proposed standards for ESG ratings and data-product providers, demanding high level public disclosures on methodologies, processes, and other matters to promote transparency and consistency in a sector of growing importance to investors, regulators, and issuers increasingly eager to cater to the fast-growing ESG sector.

HFSC Continues Deliberative Approach to CBDC
HFSC’s staff memo lists no legislative proposals for tomorrow’s National Security, International Development, and Monetary Policy Subcommittee CBDC hearing. Instead, the session will focus on fact-finding, looking in particular at CBDC’s impact on monetary-policy transmission, banking-sector disintermediation, and financial stability.

IMF Throws Roadblock Before Crypto Fiat Currency
On the heels of El Salvador’s adoption of Bitcoin as legal tender, a new blog post from the IMF today warns against making cryptoassets a fiat currency.

Termination of Insurance M&A Confirms Tough New U.S. Antitrust Approach
Attorney General Garland’s statement today makes it clear that its victory in the insurance-brokering sector is not a one-off.