SOFR Academy Welcomes Passage of LIBOR Transition Bill by U.S. House of Representatives

This action by the U.S. House of Representatives reduces risks associated with the transition away from U.S. dollar (USD) LIBOR and provides clarity for longer dated contracts.

NEW YORK: SOFR Academy, Inc. a U.S. based digital education and data provider released the following statement on the Passage of London Inter-Bank Offered Rate (LIBOR) Transition Bill by U.S. House of Representatives.

“SOFR Academy applauds Representative Brad Sherman and House lawmakers for yesterday’s bipartisan passage of the Adjustable Interest Rate (LIBOR) Act of 2021, which would address contracts that do not contemplate the cessation of LIBOR or are difficult to transition. Without federal legislation to address these contracts, investors, consumers, and issuers of securities may face heightened uncertainty and potential unexpected economic losses from LIBOR’s cessation. It is important that market participants are not left worse off because of LIBOR transition” said Marcus Burnett, CEO of SOFR Academy. “We join with the Alternative Reference Rates Committee, other consumer groups, investors, financial regulators and industry participants in supporting this vital step towards smoothing the transition from LIBOR and preventing disruption and harm to America’s economy and financial markets. It is also important that impacted market participants understand this legislation so we intend to provide free education as a public good.”

About SOFR Academy

SOFR Academy, Inc. is a U.S. based digital education and data provider. SOFR Academy’s panel of advisors includes academics from Harvard University, the MIT Sloan School of Management, the University of California Berkeley, New York University and Tsinghua University as well as experienced financial services professionals. The Firm provides services to corporations, financial institutions, governments, regulators, and individuals on important topics that impact the global economy. The Firm is also driving the operationalizing of AXI and FXI as credit spread add-ons for SOFR for use in lending and derivative markets. SOFR Academy is a member of the Loan Syndications and Trading Association (LSTA), the International Swaps and Derivatives Association (ISDA), the Asia Pacific Loan Market Association (APLMA) and the Bankers Association for Finance and Trade (BAFT) which is a wholly owned subsidiary of the American Bankers Association (ABA). SOFR Academy is backed by venture capital. For more information, please visit

Related: SOFR Academy Supports Federal Legislation to Help Facilitate the Smooth Transition from LIBOR

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