Senate Banking Committee Chair Tim Johnson on Tuesday announced that his committee will question Treasury Secretary Tim Geithner and Fed Chairman Ben Bernanke on the interest-rate fixing scandal known as Libor. In a statement Tuesday, Johnson said:
“I am concerned by the growing allegations of potential widespread manipulation of LIBOR and similar interbank rates by some financial firms. At my direction, the Committee staff has begun to schedule bipartisan briefings with relevant parties to learn more about these allegations and related enforcement actions.
“It is important that we understand how any manipulation may impact American consumers and the U.S. financial system. The Banking Committee will hold hearings in July with Treasury Secretary Geithner and Federal Reserve Chairman Bernanke, and I am asking them to be prepared to answer Senators’ questions on this matter.”
