WASHINGTON — Republican lawmakers Wednesday criticized Treasury Secretary Timothy Geithner for failing to alert Congress four years ago that banks were manipulating a key global interest rate.
Geithner defended his actions at a hearing of the House Financial Services Committee.
Geithner, who was then president of the Federal Reserve Bank of New York, said he immediately alerted U.S. and British regulators in 2008 when he learned of problems with the London interbank offered rate, or Libor.
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