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Reference Rate Reform: Impact on the Economy and Consumers

Bipartisan Policy Center
1225 Eye St NW, Suite 1000
Washington, DC 20005
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The London Interbank Offered Rate (LIBOR) underpins trillions of dollars in mortgages, bonds, loans, and financial instruments that directly impact Main Street and other critical parts of the American economy. But LIBOR’s viability has been in doubt ever since the financial crisis, in large part due to its susceptibility to manipulation. A public-private sector working group has launched the Secured Overnight Financing Rate (SOFR) to serve as a more robust and reliable alternative to LIBOR.

The Bipartisan Policy Center and the International Swaps and Derivatives Association took a look at the transition from LIBOR to SOFR and discussed what it means for companies and consumers. The event featured a keynote conversation with Securities and Exchange Commission Chairman Jay Clayton about reference rates and other issues.


Jay Clayton
Chairman, U.S. Securities and Exchange Commission

Rostin Behnam
Commissioner, U.S. Commodity Futures Trading Commission

Panel discussions with:

David Bowman
Senior Advisor to the Board, Board of Governors of the Federal Reserve System

Sairah Burki
Senior Director, Policy, The Structured Finance Industry Group, Inc.

Meredith Coffey
Executive Vice President of Research & Regulation, The Loan Syndications and Trading Association

Wells Engledow
Vice President & Deputy General Counsel, Fannie Mae

Jack Hattem
Managing Director, Global Fixed Income, BlackRock

Jason Manske
Senior Managing Director & Chief Hedging Officer, MetLife

Alice Wang
Managing Director, Global Head of CIB Operational Risk, JPMorgan Chase & Co.


Doug Elliott
Partner, Oliver Wyman

John Harwood
Editor at Large, CNBC

Scott O’Malia
Chief Executive Officer, The International Swaps and Derivatives Association

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