Fed's Quarles: Banks using Libor in new contracts after 2021 create 'safety and soundness' risks

Quarles on the transition away from Libor

• Fed placing 'intense supervisory focus' on bank transitions away from Libor
• Banks must completely end use of Libor in new contracts

There are no mixed messages here. It's been 12 years since Libor blew up and the Fed wants to be done with it.