4  Former Federal Reserve Governor Jeremy C. Stein was the previous co-chair. 5  The views expressed here are my own and should not be taken to represent those of the FSB’s Official Sector Steering Group or those of the Board of Governors of the Federal Reserve System.
6  LIBOR reform and the work still to be accomplished are discussed in Wheatley Review, The Wheatley Review of LIBOR, in note 1. BIS central bankers’ speeches  1  develop and adopt alternative reference rates that better reflect the current structure of U.S. financial markets, in which borrowing and derivatives transactions are much more likely to be secured with collateral.