WASHINGTON, Nov. 23 -- Sen. Patrick Toomey, R-Pennsylvania, ranking member of the Senate Banking, Housing and Urban Affairs Committee, issued the following opening statement involving a hybrid hearing on Nov. 2, 2021, entitled "The Libor Transition: Protecting Consumers and Investors":

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The London Interbank Offered Rate - or LIBOR - has long been the most widely used U.S. dollar-denominated benchmark interest rate across all types of financial contracts. . . .

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