Federal Reserve Governor Jerome H. Powell on Libor:  My hope is that governments, market participants, and end users can work together to build a stronger foundation for the reference interest rates that are so critical to our financial system. Implementation of these measures is clearly in the interest of U.S. financial stability. I also hope and expect that individual financial institutions will understand that it is also in their private interests. Reference rates are one of the foundations of the financial system, and it is in the interest of everyone, from the residential mortgage holder to the financial institutions that heavily use these rates, that those foundations have integrity and be well constructed and resistant to manipulation.  The problems with LIBOR have undermined the public’s trust in the financial system. In light of the need to regain that trust, I am certain that our reform efforts will meet with the active cooperation of financial institutions in carrying forward these reforms. Reforming London Interbank Overnight Rate