Elizabeth Warren is calling for public hearings on banks
US Senator Elizabeth Warren is calling for U.S. Department of Labor hearings on whether banks accused of rigging foreign exchange markets should be allowed to manage retirement accounts, the Financial Times reported on Sunday.
"When banks plead guilty to a crime, federal agencies must do more than look the other way," Warren told the Financial Times. "The SEC has already granted waivers to each of these banks without any detailed explanation, but it is not too late for the Department of Labor to hold a public hearing before it decides that such brazen lawbreakers can be trusted managing workers' retirement accounts."
Five of the world's largest banks, including JPMorgan Chase & Co and Citigroup Inc, were fined some $5.7 billion, and four of them pleaded guilty to U.S. criminal charges over manipulation of foreign exchange rates, authorities said on May 20.
UBS AG, the fifth bank, will plead guilty to rigging benchmark interest rates, the U.S. Justice Department said.
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