New York Fed Gets More Time to Give Congress Libor Info
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The Federal Reserve Bank of New York was given more time to comply with a congressional request for information about staff communications with banks involved in setting the London interbank offered rate.
Representative Randy Neugebauer extended a Sept. 1 deadline for the Fed to release communications on Libor rate submissions from August 2007 until July of this year between employees of the New York Fed and those at 16 banks, according to Jeff Emerson, a spokesman for the House Financial Services Committee. The Fed will have until the end of September to comply, he said, without specifying a date.