Treasury Secretary Geithner testified on the annual report of the Financial Stability Oversight Council (FSOC), created by the Dodd-Frank financial regulations law to monitor excessive risk taking and instability in the financial system. Secretary Geither said that the biggest threat to the U.S. economy was the European debt crisis. Many members' questions focused on Secretary Geithner’s handling during his tenure as head of the New York Federal Reserve of the scandal surrounding the London Interbank Offered Rate’s (LIBOR) manipulation of interest rates.