House Oversight and Government Reform Committee Chairman Edolphus Towns sent a letter to Federal Reserve Board Chairman Ben Bernanke Tuesday requesting more information surrounding Bank of America Corp's acquisition of Merrill Lynch & Co.
The letter reminded Bernanke that the committee wants him to testify at a hearing on the issue on June 25. It also sought pointed information.
The letter specifically asks if B of A needed or requested the $15 billion it received from the federal government in October; if the bank decided to acquire Merrill Lynch, or if the acquisition was suggested by a government agency.
The letter also asks how and when the Fed became aware of the deteriorating condition of Merrill Lynch and w/hat role the government played in Bank of America's decision to complete the acquisition of Merrill Lynch.
When, how, and under what circumstances did the Federal government commit to provide financial assistance to Bank of America, it asked.