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At a Financial Stability Oversight Council meeting on June 11, 2021, Federal Reserve Board Vice Chair for Supervision Randal K. Quarles encouraged the move toward the Secured Overnight Financing Rate and warned banks that the use of USD LIBOR quotes available after December 2021 for new products would create safety-and-soundness risks.

On November 18, the ICE Benchmark Administration and the UK Financial Conduct Authority published separate announcements on the future of the London Inter-bank Offered Rate.