Former head of the New York Federal Reserve and current Treasury Secretary may have had knowledge of LIBOR (London interbank offering rates) scandal back in 2007 which may have played a critical role during the financial crisis of 2008.
The role of the Fed is likely to raise questions about whether it and other authorities took enough action to address concerns they had about the way Libor rates were set, or whether their struggle to keep the banking system afloat through the financial crisis meant the issue took a backseat.
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