The Washington Post
By Jia Lynn Yang, Published: July 12

U.S. Treasury Secretary Timothy F. Geithner
 

While president of the Federal Reserve Bank of New York, Timothy F. Geithner pressed British regulators to reform the way a critical global benchmark called the London interbank offered rate, or Libor, is calculated, according to a June 1, 2008, e-mail obtained by The Washington Post.

Writing to the head of the Bank of England, among others, Geithner made six recommendations, which included eliminating incentives that could encourage banks to manipulate the rate and establishing a “credible reporting procedure.”

“We would welcome a chance to discuss these and would be grateful if you would give us some sense of what changes are possible,” Geithner wrote.

PressTv.ir
Thu Jul 12, 2012 3:40AM GMT

RT.com
Published: 12 July, 2012, 20:09

A recent meeting of the US Federal Reserve revealed that members of America’s central bank are not very optimistic about the future of the country’s economy.

Even though the Fed is at odds regarding what to do in terms of helping economic growth — and it still remains unclear whether or not a third round of quantitative easing (QE3) is to come — the official forecast from the bank suggests that the US may be sliding into a crisis.

Details from the Fed’s last meeting have been released to the public, and the minutes from that gathering reveal that the economists that oversee much of the inner-workings of the country’s fiscal policy remain concerned with the state of America.

Among the items discussed in the meeting ishow a lack of initiative on the part of the US Congress could bring further strain on America’s economy, specifically that a failure to avert tax hikes and planned massive spending cuts later this year could be catastrophic.