Governor Jerome H. Powell
At “Making Markets Fair and Effective for All,” Sponsored by The Brookings Institution, Washington, D.C.
January 20, 2015
Comments on the Fair and Effective Markets Review
“The Federal Reserve has convened a group of the largest global dealers to form the Alternative Reference Rates Committee. We have asked them to work with us in promoting alternatives to U.S. dollar LIBOR that better reflect the current structure of funding markets. As the Review’s consultation document notes, issues of this kind are really global in nature; U.S. dollar LIBOR contracts are traded throughout the world, not simply in the United States. For this reason we are working in close consultation with our foreign regulatory counterparts in this endeavor.”
The full speech is available here.