| Fed Gets Subpoena From House Panel on Bank of America |
| News - Americas |
| Written by Scott Lanman, Bloomberg |
| Wednesday, 10 June 2009 09:32 |
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June 9 (Bloomberg) -- The Federal Reserve was subpoenaed by the House Oversight Committee for e-mails and documents related to Bank of America Corp.’s purchase of Merrill Lynch & Co. after the panel was unable to obtain them through a request last week.
The central bank will comply and seeks confidentiality for the information, a Fed official said today on condition of anonymity. The panel said it wants to secure the Fed documents for a hearing scheduled for June 11, and Bank of America Chief Executive Officer Kenneth Lewis has agreed to testify. The move is part of increased congressional scrutiny of the central bank, which helped craft a government aid package enabling Bank of America to absorb Merrill Lynch in January. Lewis told New York state investigators in February that he was pressured in December by Bernanke and former Treasury Secretary Henry Paulson to complete the Merrill acquisition amid mounting losses at the brokerage firm. |