The Alternative Reference Rates Committee (ARRC) was a group of private-sector participants convened by the Federal Reserve Board and the New York Fed to help ensure a successful transition from U.S. dollar (USD) LIBOR to a more robust reference rate, its recommended alternative, the Secured Overnight Financing Rate (SOFR). The ARRC concluded its work and ceased operations in November 2023 after fulfilling its mandate pursuant to its Terms of Reference. The ARRC was comprised of a diverse set of private-sector entities that had an important presence in markets affected by the transition from USD LIBOR, and a wide array of official-sector entities as ex-officio members. The ARRC’s tools and recommendations—including its Closing Report that outlined forward-looking focus areas—remain relevant despite the group’s completion of its work. Read more