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Cuomo Proposes LIBOR Transition Plan

New York governor’s state budget, published this week, includes provisions to help troublesome LIBOR-linked contracts switch to replacement rates.

By Keshia Clukey & William Shaw | January 22, 2021 at 08:18 AM

New York Governor Andrew Cuomo has proposed legislation that would help prevent hundreds of billions of dollars of financial contracts from descending into chaos when the London interbank offered rate (LIBOR) expires.

Provisions to help troublesome LIBOR-linked contracts switch to replacement rates are contained in Cuomo’s state budget plan, which was published on Tuesday. Bankers, investors, and regulators see such proposals as crucial to ensuring that a large swath of the global financial system isn’t disrupted.

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