UK Parliament votes for a committee probe of banks in wake of Barclays scandal

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Associated Press

Posted on July 5, 2012 at 2:02 PM

Updated Thursday, Jul 5 at 2:33 PM

LONDON (AP) — British lawmakers have voted to allow a parliamentary committee to investigate the banking industry in the wake of an interest rate manipulation at Barclays.

Calls for a lengthier external inquiry led by a judge were rejected.

The House of Commons debate was noisy and bitter. Afterward, legislators voted 330 to 226 in favor of establishing a Parliamentary committee to carry out the study, intended to learn lessons from the rate fixing scandal.

Prime Minister David Cameron had wanted approval for what he called a "swift and decisive" investigation to be carried out by a joint panel of members of the House of Commons and the House of Lords.

Despite voting for a probe led by a judge, the opposition Labour Party said it would cooperate.

Parliament has been stirred into action by the rate-setting scandal disclosed last week that cost Barclays bank $435 million in fines.

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