End-August Deadline Set for LIBOR Comments

The Federal Register today includes the Fed’s proposal to implement the LIBOR Act.  Comments are due by August 29.  As we noted (see FSM Report LIBOR8), a smooth transition from LIBOR by its effective end date in June 2023 appears unlikely, with the Fed leaving several questions unresolved in its NPR in favor of meeting this deadline.

HFSC Votes in On Key Bills

Turning to recorded votes from yesterday’s markup, the HFSC today approved several bills including reforms to overdraft fees and credit reporting.  The overdraft bill, H. R. 4277 (Maloney, D-NY), passed 27-22.  Also voted on were H.R. 8485 (Williams, D-GA), and H.R. 8478 (Pressley, D-MA).  Both passed the Committee 28-23.

FSOC Agency Heads Report Climate-Risk Progress

At today’s FSOC open meeting, member agency heads reported their climate-risk progress following the President’s executive order.  Chairman Powell reiterated that the Fed is updating work on climate risk assessments without providing timing or details.  SEC Chairman Gensler mentioned the SEC’s proposed climate disclosure proposal, stating that hundreds of issuers already disclose climate-related information.

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