House committee hits Fed with second subpoena on Merrill-BofA merger
A congressional committee has issued a second subpoena to the Federal Reserve Board for information concerning the government’s role in the acquisition of Merrill Lynch & Co. Inc. of New York by Bank of America Corp. in Charlotte, N.C.
A congressional committee has issued a second subpoena to the Federal Reserve Board for information concerning the government’s role in the acquisition of Merrill Lynch & Co. Inc. of New York by Bank of America Corp. in Charlotte, N.C.
The Fed turned over documents in response to the first subpoena June 9.
The subpoena was issued today by Rep. Edolphus “Ed” Towns, D.-N.Y., chairman of the House Oversight and Government Reform Committee, for documents that detail discussions held from September through January among the Federal Reserve, the Department of the Treasury and Bank of America regarding the merger, according to a statement.
Mr. Towns and Rep. Dennis Kucinich, D.-Ohio, chairman of the Domestic Policy Subcommittee, are investigating the merger.
Federal Reserve Chairman Ben Bernanke is expected to testify at a June 25 hearing of the full committee and subcommittee.
Bank of America received $20 billion from the federal government to help offset losses it incurred, in part because of the Merrill Lynch purchase.
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