For immediate release: Tuesday, June 16, 2009
Contact:
Full Committee – Jenny Rosenberg, 202-225-5051
Chairman Kucinich – Nathan White, 202-225-5871

Towns, Kucinich Request Bernanke Testimony on BofA-Merrill Merger

Washington, DC (June 16, 2009) – Congressman Edolphus “Ed” Towns (D-NY), Chairman of the House Oversight and Government Reform Committee, and Congressman Dennis Kucinich (D-OH), Chairman of the Domestic Policy Subcommittee, today announced that Federal Reserve Chairman Ben S. Bernanke has been invited to testify on Thursday, June 25, 2009, to a joint hearing of the full Committee and Domestic Policy Subcommittee. The purpose of the joint hearing is to examine events surrounding Bank of America’s (BofA) acquisition of Merrill Lynch (Merrill) and its receipt of Federal financial assistance.

Chairman Bernanke will be asked to address what role the Federal government played in the decision to provide BofA with $20 billion in Federal financial assistance. Last week, the full Committee and Domestic Policy Subcommittee received testimony from Bank of America CEO Ken Lewis on its acquisition of Merrill.

Full text of the letter is attached.