WASHINGTON — Members of the Senate Banking Committee grilled Treasury Secretary Timothy Geithner Thursday about his knowledge of manipulation of the London Interbank Offered Rate, or Libor, and raised concerns about its potential impact on state and local governments that entered into Libor-based swaps.

Sen. Pat Toomey, R-Pa., asked Geithner, who was president and chief executive officer of the Federal Reserve Bank of New York when Libor allegations publicly surfaced in 2008, why he did not use his position to raise greater awareness of potential problem with libor.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.