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.
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At a hearing before the Senate Committee on Banking, Housing and Urban Affairs, Treasury Secretary Janet L. Yellen testified on the Financial Stability Oversight Council's 2021 Annual Report to Congress.