US House panel to subpoena Fed over B of A-Merrill

Source: Reuters

(Adds details from letters, Bernanke comments)

* House panel says to subpoena Fed for B of A documents

* Lawmakers say is third time they have sought information

* Say Fed would not let them have copies of documents

WASHINGTON, June 9 (Reuters) - A House of Representatives committee on Tuesday said it would subpoena the Federal Reserve to force the central bank to surrender documents regarding its role in Bank of America's (BAC.N) takeover of Merrill Lynch last year.

House Oversight Committee Chairman Edolphus Towns was joined by the ranking Republican Darrell Issa in agreeing to serve the subpoena on the Federal Reserve.

The lawmakers said the Fed would only allow committee staff to review documents at the Federal Reserve's Washington offices, which they did for several days, according to a letter dated June 3 to Fed chairman Ben Bernanke.

"Following the staff review, we conclude that we will need copies of these documents," they wrote.


Read more: http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSN0939818620090609

It's nice, nay wonderful, to see congress showing followup interest in the federal reserve and its actions. To go out on a limb, I'm wondering if Obama should also jump on this bandwagon and demand information. Especially with the likes of certain media folk, and Republicans in general are just biting at the teeth to lay the entire economic blame on Obama. IT would save ass, and provide plenty of supporting retorts.

Sounds like ROn Paul will get plenty of air/face time

:kick: