$200 trillion of financial contracts and securities are tied to LIBOR and that matters to everyone – small businesses, corporations, banks, dealers and investors. At SIFMA's 2018 Annual Meeting, Sandie O’Connor and David Bowman discuss how the Alternative Reference Rates Committee of the Federal Reserve - known as ARRC - is leading the U.S. transition the Secured Overnight Financing Rate, or SOFR. Sandie is the Chief Regulatory Affairs Officer for JPMorgan Chase & Co. and chair of the ARRC. She also serves on SIFMA’s Board of Directors and is chair of our global affiliate, GFMA. David is a senior advisor at the Board of Governors of the Federal Reserve System and is the senior staff liaison to the ARRC. Their conversation is moderated by Randy Snook.