If signed into law, the measure will head off uncertainty and legal fights around some $16 trillion of LIBOR-linked deals that may survive beyond June 2023.
But unwinding holdings—most of which are in index funds, not direct investments—is complex and could mean losses, as these assets are trading at deep discounts and liquidity is scarce.
While Treasury Secretary Yellen expects businesses to back the push for a global minimum tax, the U.S. Chamber of Commerce worries some still-ambiguous elements may disadvantage U.S. businesses.
Data privacy and protection might be of increasing importance to regulators, investors and clients but most organizations don't currently include such topics in their ESG planning—including law firms.
Investors' interest in companies' ESG performance, and in ESG-focused investment options, may be pivotal in convincing organizations to take sustainability issues seriously.