Statement by the Acting Comptroller of the Currency at the Financial Stability Oversight Council — 2021-06-11

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu made the following statement today at the meeting of the Financial Stability Oversight Council (FSOC) with respect to the LIBOR transition: Thank you, Madam Secretary, and thank you for your leadership of this body as I join colleagues in the Council for the first time today. The Council’s financial stability mission is one I regard as critical for our nation’s financial system and I look forward to contributing meaningfully to our discussions as Acting Comptroller. As indicated in today’s presentation by Vice Chairman Quarles, we are at an important juncture in the LIBOR transition. There are important financial stability implications for this body and the financial system. Importantly, over the long run financial stability is a critical interest of all stakeholders whatever their size and market participation.