Since nothing is happening in the news right now, we thought we would put out a second post on LIBOR this week.  As you may know, Dechert has a LIBOR podcast which you can find on our YouTube page.  In the latest episode, David Bowman, Senior Associate Director from the Board of Governors of the Federal Reserve, joined Matt Hays and Jon Gaynor for a conversation about the transition.  The discussion covered development of Term SOFR, fragmentation of SOFR-based rate fallbacks, tough legacy, the status of the New York State legislative solution (although this part is slightly outdated since a bill has been introduced), the proposed federal law solution and the fundamental human condition (that’s only partly a joke).