Senate Dem Rips NY Fed Oversight In Libor-Rigging

Law360, New York (August 2, 2012, 1:28 PM EDT) -- A Democratic U.S. senator on Wednesday demanded that the Federal Reserve Bank of New York further explain actions it took over alleged Libor manipulation by major banks, questioning regulators' willingness to supervise and regulate the nation's largest banks.

Sen. Sherrod Brown, D-Ohio, says the $450 million settlement paid by Barclays PLC over alleged Libor manipulation shows that the New York Fed — the primary regulator for Barclays' American arm — as well as the Fed's Board of Governors didn't adequately evaluate Barclays' risk-management practices, nor raise...
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