The Congressional Research Service provided an overview of "selected banking-related issues that may attract congressional interest in the 117th Congress."
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The House Financial Services Committee considered (i) testimony from federal banking regulators on a broad range of concerns and (ii) several proposed bills imposing additional requirements on financial institutions.
Federal Reserve Bank of New York President William C. Dudley argued that "aggressive action" is needed across the financial industry to address market-wide issues concerning the global market transition away from LIBOR.
ISDA CEO Scott O'Malia outlined recent and forthcoming efforts to address benchmark reforms.
ISDA, the Association of Financial Markets in Europe, International Capital Market Association, and SIFMA highlighted the challenges of transitioning from Interbank Offered Rates to risk free rates.