On March 5, 2021, the Financial Conduct Authority (“FCA”), the British Agency that administers LIBOR, announced that all USD LIBOR rates will cease to be published after June 30, 2023.
As a result, President Biden signed into law the LIBOR Act on March 15, 2022. This Act is intended to establish a process for transitioning all adjustable rate loans currently using a LIBOR index to a new, reliable index. The Act also gave the Federal Reserve Board the authority to recommend a Replacement Index.