The Alternative Reference Rates Committee announced that it will not be in a position to recommend a forward-looking Secured Overnight Financing Rate term rate by mid-2021.

Federal Reserve Board Vice Chair Randal Quarles warned firms that there are "safety and soundness" risks associated with the continued use of the London Inter-Bank Offered Rate in new transactions after 2021.

Treasury Secretary Janet L. Yellen described tweaking the Paycheck Protection Program to increase the percentage of loans going to small businesses, and Federal Reserve Board Chair Jerome H. Powell described the closing of pandemic-related emergency lending facilities.

The U.S. Senate confirmed Marty J. Walsh as Secretary of Labor by a vote of 68 to 29.

The Alternative Reference Rates Committee highlighted progress on the transition from the London Inter-Bank Offered Rate and identified remaining products still dependent on LIBOR.