American Bankers Association Chief Economist Sayee Srinivasan has been named a member of the Federal Reserve Bank of New York’s new committee to study key issues regarding reference rates, including how their use is evolving.
The Reference Rate Use Committee will convene private market participants “to support integrity, efficiency, and resiliency in the use of interest rate benchmarks (reference rates) across financial markets,” according to a New York Fed statement.
The RRUC builds on the work of the Alternative Reference Rates Committee, which facilitated a transition away from U.S. dollar LIBOR in preparation for the end of the USD LIBOR panel in 2023, the New York Fed said. The committee will also promote best practices related to the use of reference rates.
The committee’s membership is comprised of a broad set of private-market participants and official sector ex-officio members. It is chaired by Patrick Howard, deputy chief risk officer at Morgan Stanley.
