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U.S. Treasury Criticizes Europe Plan for Tainted Benchmarks

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A European proposal to regulate financial benchmarks that have been tainted by manipulation allegations is running into criticism from the U.S. Treasury Department.

The plan requires that other countries have equivalent oversight of indexes, which could prevent European banks and asset managers from using U.S. benchmarks, according to a counselor to Treasury Secretary Jacob J. Lew. Europe wants national governments to take responsibility for regulating financial and commodity benchmarks -- something the U.S. has no plans to do.