BBC News reports that he suggested that the rate was often 'completely made up'.
A number of banks have been fined hundreds of millions of pounds for rigging the lending rate. Gensler is in London to meet officials at the Financial Services Authority, the City watchdog.
Libor, which is set in London, is meant to reflect the average rate that banks pay to lend to each other and is used to benchmark everything from car loans and mortgages to complex financial transactions around the world.
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