GOP Senator Supports LIBOR Legislation

October 4, 2021

Staff for Sen. Thom Tillis (R-NC) confirmed to CREFC and a number of financial services trade associations last week that he will be the lead Republican cosponsor of LIBOR legislation in the Senate, alongside Sen. John Tester (D-MT). At a subsequent Senate Banking Hearing, Tillis last week said publicly that he agrees completely with a Federal legislative solution to provide a replacement framework for outstanding financial contracts tied to LIBOR.

I was pleased to see the legislation clear the House Financial Services Committee on a strong bipartisan basis. Just want to let you [Secretary Yellen and Chair Powell] know that we understand that strong bipartisan action is needed in the Senate to affect a smooth transition and to provide certainty to capital markets. And I look forward to working with my colleagues, first among them, Senator Tester, to make sure that Congress does act and provide for a smooth transition.


Managing Director, Government Relations
LIBOR receives support from GOP Senator.
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