WASHINGTON — Senate and House committees are looking into allegations that banks manipulated Libor, the London Interbank Offered Rate that is used by financial institutions to set interest rates for financial products, including interest rate swaps used by municipal bond issuers to hedge variable-rate debt.

Members of the Senate Banking and House Financial Services Committees also are preparing to grill Treasury Secretary Timothy Geithner and Federal Reserve Board chairman Ben Bernanke on the matter during the next two weeks at hearings where the two are scheduled to testify.

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