The newer jeeps have a 2 stage catalytic converter system. the first stage is located between the sets of O2 sensors. The upstream sensor regulates the fuel/air ratio, while the sole purpose of the downstream sensor is to monitor the efficiency of the stage 1 cat (2 of them, hence 2 upstream and 2 downstream sensors). Bank 2 is the rear-most of the two.
Check the lower sensor (downstream) on that bank. If the sensor is ok, then you have a stage 1 catalytic converter failure. Fortunately, that assembly is covered under a federally mandated 8 year, 80,000 mile emissions warranty ($359 for the part if you're outside that).
I don't work to live. I work to support my offroad habit.