Congress is demanding more information from the Fed regarding its monitoring of banks in the Libor interest rate scandal. Information from William Dudley, chairman of the House Financial Oversight and Investigations Subcommittee, sent a letter to the Federal Reserve’s New York bank branch requesting clarification about the Fed’s dealings with banks who admitted manipulating Libor rates.
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The government is charged with ensuring the utmost transparency, honesty, and integrity in the capital markets. The House committee says that any level of admitted manipulation should have been investigated thoroughly and swiftly.
By September 1, all documents
recording conversations between the Fed and US and British government officials and their respective regulatory bodies are to be submitted.