City Bar Endorses LIBOR Discontinuance Legislation

March 15, 2021

Working Group led by Paul Roder and Rachel Kwon

By: Paul M. Roder and Rachel S. Kwon

The New York City Bar Association recently endorsed the enactment of proposed LIBOR discontinuance legislation in New York.  The legislation seeks to mitigate risks associated with the upcoming cessation of LIBOR, a key benchmark interest rate used in many New York law governed contracts.

Paul M. Roder Co-Chaired and Rachel S. Kwon served as Secretary to the City Bar’s Working Group for this project.  The Working Group, which was formed in 2019, consisted of representatives from nine City Bar committees.  Over the course of 15 months, the Working Group reviewed and analyzed the proposed legislation.  Ultimately, they concluded that the City Bar should support the legislation and wrote a detailed report, which was published on Friday, March 12, 2021 and is available here.