The Federal Reserve Bank of New York has received some relief from Congress’s prior requests that it produce internal communications related to possible Libor manipulation, granting the New York Fed additional time to respond. In addition, the House Financial Oversight Committee has also scaled back the scope of documents it initially requested, narrowing its requests to emails among New York Fed employees, as well as emails between those employees and regulators. Previously, Congress sought all bank communications since August 2007 regarding reporting and submissions of Libor rates, communications between the New York Fed and U.S. and U.K regulators, as well as all communications between the New York Fed and the 16 other banks that are responsible for setting Libor. However, Congress has reserved its rights to request additional documents at a later date. Reports suggest that the New York Fed is required to provide the documents by the end of September 2012. It appears that it has already produced some documents responsive to the more limited request, and that such documents indicate that the bank was dealing with the Libor manipulation issue as early as 2008. Specifically, the documents include communications from U.S. Treasury Secretary Timothy Geithner, the former New York Fed president, urging U.K regulators to implement changes relating to transparency in setting Libor. (“New York Fed Gets More Time To Produce Libor Documents,” Law360.com, August 29, 2012).
Register now for your free, tailored, daily legal newsfeed service.
Questions? Please contact firstname.lastname@example.orgRegister
Congress grants NY fed additional time to provide Libor documents
Popular articles from this firm
If you would like to learn how Lexology can drive your content marketing strategy forward, please email email@example.com.
Related topic hubs
"As Company Secretary, I find these articles very useful and appropriate and also share them with the lawyers and paralegals in the department".