FSOC Briefed On LIBOR, Hedge Fund Activities And Data Collection (With Delta Strategy Group Summary)

The Financial Stability Oversight Council ("FSOC") was briefed on: (i) the work of the Alternative Reference Rates Committee ("ARRC") by Jerome Powell of the Federal Reserve, and (ii) asset management products and activities by Jonah Crane from Treasury. In addition, the FSOC unanimously approved revisions to regulations under the Freedom of Information Act ("FOIA"), pursuant to the FOIA Improvement Act of 2016.

Delta Strategy Group provided a summary of the open session. Highlights include: 

• The ARRC is working to: (i) identify one or more alternatives rates; (ii) develop a plan to implement the selected rate; and (iii) make a recommendation on an alternative to LIBOR sometime next year.