LexisNexis ( February 16, 2022, 12:32 PM EST) -- The impending end of the use of LIBOR as benchmark interest rate for commercial contracts and securities is “a global phenomenon that has the financial industry mobilizing ahead of a looming deadline,” according to the financial services megabank J.P. Morgan. This Special Report reviews, form an historical perspective, the events leading to the demise of LIBOR as well as the major actions taken in response by the banking regulators and state lawmakers in the United States. This analysis serves as a lead in to discussing these two questions: What financial market participants tied to the U.S. Dollar LIBOR should expect in the coming months as the transition away from LIBOR proceeds? An even more prescient question is what financial market participants tied to the U.S. Dollar LIBOR should expect when LIBOR disappears? We offer insights and takeaways. Until Congress passes federal legislation preempting state law or 48 state legislatures join New York and Alabama in passing LIBOR transition laws, financial institutions and market stakeholders will be working their way through a patchwork of responses from Congress, the U.S. banking regulators and state legislators....