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Some Republican lawmakers have objected to creation of the office and its mandate. They say its power to collect confidential information from companies is too broad. A congressional panel is investigating the alleged manipulation of the LIBOR. The Federal Reserve Bank of New York released documents last week requested by the congressional panel. The documents show the New York Fed learned five years ago of big banks understating their borrowing costs to manipulate the key interest rate. They also show Treasury Secretary Timothy Geithner, who was then president of the New York Fed, raised concerns about the LIBOR process in 2008. Geithner's concerns were not made public until last week, with the release of the documents. In an interview with CNBC Wednesday, Geithner said he sent a memo in 2008 to British banking authorities outlining his concerns and alerted U.S. regulators. He said he acted quickly and appropriately to deal with the problems once he realized the rate-setting process was flawed.
[Associated
Press;
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