Mr. Dudley's remarks are notable, first, for stating clearly that he believes LIBOR should be discontinued in spite of opposition from its administrator, ICE Benchmark Administrator. He also acknowledges the critical role, and progress, of market participants in formulating a plan for an orderly transition, but seems to be laying the foundation for an increased regulatory role where the private sector faces coordination challenges. This statement may help the private sector establish more clarity on when to trigger the transition away from LIBOR when it ceases to be a robust and liquid rate, but is still being published (so-called "Zombie LIBOR").