The Alternative Reference Rates Committee, or ARRC, convened by the Federal Reserve in 2014, released its Recommendations Regarding More Robust Fallback Language for New Originations of LIBOR Syndicated Loans on April 25, including a preferred successor to Libor as the benchmark interest rate for use in financing transactions, including syndicated lending and other credit products.

In its own words, "the ARRC has endeavored to deliver recommendations for contractual fallback language for new cash (non-derivatives) products with the goal of reducing the risk of serious market disruption following a LIBOR cessation."