Timothy Geithner, who according to reports held a LIBOR fixing meeting with Fed officials in April of 2008 is currently appearing before the House Financial Services Committee to testify on the annual Financial Stability Oversight Council report given last week, and will likely face significant questioning regarding LIBOR manipulation.
We hope Mr. Geithner is able to keep his language slightly more proper than when interviewed by the SIGTARP inspector general.
Treasury Secretary Timothy Geithner testifies before the House Financial Services Committee, Wednesday, about his agency’s annual report authored by the Financial Stability Oversight Council (FSOC).
The Council, created under the Dodd-Frank financial reform law, released its 2012 Annual Report last week. The report gives a review of the policies in the 2000s that led to the financial crisis. It also provides an overview of the vulnerabilities and potential threats to the financial markets and how the agency plans to detect them early.
Among other findings, the report states that the nation’s financial system has rebounded since 2009, but still faces challenges due to stress in Europe.
This, the Council’s second annual report, is part of an ongoing process by the U.S. government to identify, interpret and mitigate future problems to financial stability. Two years ago, President Obama signed consumer protection laws in response to the 2008 financial crisis.
The Treasury Secretary is also set to appear before the Senate Banking Committee Thursday on the FSOC’s annual report.
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