Swiss banking giant UBS AG has agreed to pay $1.5 billion in fines to regulators in the U.S., Britain and Switzerland for its part in a scheme to manipulate the London interbank offered rate (LIBOR), which is used to set rates on contracts around the world.
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Even before the events of the last few days, Congress had a busy agenda. Lawmakers are negotiating over taxes and spending that could affect the economy in the year ahead, not to mention almost every part of the federal government and the take-home pay for millions of Americans.