Members of the Alternative Reference Rates Committee and other market participants urged Governor Andrew Cuomo, Senate Majority Leader Andrea Stewart-Cousins and New York State Assembly Speaker Carl Heastie to support the adoption of a legislative proposal intended to help facilitate the transition away from LIBOR.

The FSOC Annual Report makes for a pretty good read, or at least skim for those topics relevant to the reader. The report covers a broad range of topics from implementation of regulation to potential new regulation, to areas of economic concern both in the United States and internationally. The heart of the report is Section 3, which contain's FSOC's annual recommendations. The recommendations relate to matter such as (i) money market mutual funds (which are reported to a hot political topic at the SEC), (ii) tri-party repo (a related item was in yesterday's news), and (iii) clearing house