Financial Times FT.com

House subpoenas Fed over BofA-Merrill role

ByTom Braithwaite in Washington

Published: June 9 2009 21:14 | Last updated: June 9 2009 21:14

The Federal Reserve was served with a subpoena from a Congressional committee on Tuesday, as lawmakers demanded documents related to Bank of America’s acquisition of Merrill Lynch.

The rare move by the House oversight and government reform committee is another dent in the Fed’s closely guarded independence and adds to growing political pressure.

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