On November 1, GFOA joined a letter sent to the Chairman and Ranking Member of the Senate Committee on Banking, Housing & Urban Affairs, Senators Sherrod Brown and Patrick Toomey over the imminent need for legislation addressing “tough legacy” contracts that reference LIBOR. The letter states that, “Without federal legislation...investors, consumers, and issuers of securities may face years of uncertainty, litigation, and a change in value, creating ambiguity that would lead to a reduction in liquidity and an increase in volatility.”

• Publication date: November 2021