GOP: Geithner failed to tell Congress about LIBOR

WASHINGTON (AP) ? Republican lawmakers are criticizing Treasury Secretary Timothy Geithner for failing to alert Congress four years ago that banks could manipulating a key global interest rate.

Geithner defended his actions Wednesday during a hearing of the House Financial Services Committee.

Geithner learned about problems with the London interbank offered rate, or LIBOR in 2008, when he was president of the Federal Reserve Bank of New York. He said he alerted U.S. and British regulators immediately. He also said the problems were written about in the financial media.

"I felt that we did the important and fully appropriate thing," Geithner testified.

Rep. Scott Garrett, R-N.J., asked why Geithner didn't tell Congress.

"You have appeared before this committee countless times since 2008," Garrett said. "Why did you never mention it to the committee?"

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-07-25-Geithner/id-31cd5bdb899c449db46dac0a715929f2

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