July 10, 2012
WASHINGTON, DC – Today, Senate Banking Committee Chairman Tim Johnson (D-SD) released the following statement outlining his plans for Committee oversight and due diligence regarding recent developments pertaining to the London interbank offered rate (LIBOR). LIBOR for the US dollar is currently set based on information provided by 18 global financial institutions, including several U.S. banks. LIBOR is used by financial institutions to set interest rates on a variety of financial products including mortgages, student loans, and credit cards.
“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.”
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