Geithner Says US Is Searching For Libor Replacement

Law360, New York (July 26, 2012, 1:59 PM EDT) -- Treasury Secretary Timothy Geithner said Thursday that U.S. financial regulators were looking at survey-based interest rate alternatives to the scandal-ridden Libor, which has become the benchmark rate for millions of transactions daily around the world.

In testimony before the Senate Banking Committee, Geithner said that the Financial Stability Oversight Council, a panel of the nation's financial regulators created by the Dodd-Frank Act, was reviewing proposals for alternative benchmark rates that would be based on actual transactions and potentially set in the United States.

Libor, a benchmark...
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