The following is a copy of a statement given by Federal Reserve Chairman Ben S. Bernanke before the Committee on Oversight and Government Reform.

Chairman Towns, Ranking Member Issa, and other members of the Committee, I appreciate the opportunity to discuss the Federal Reserve's role in the acquisition by the Bank of America Corporation of Merrill Lynch & Co., Inc.I believe that the Federal Reserve acted with the highest integrity throughout its discussions with Bank of America regarding that company's acquisition of Merrill Lynch.I will attempt in this testimony to respond to some of the questions that have been raised.

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