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Bernanke will testify to Congress on BoA merger
FEDERAL Reserve chairman Ben Bernanke is scheduled to testify to a House committee on 25 June about Bank of America’s acquisition of Wall Street rival Merrill Lynch last year, a committee aide said yesterday.
The hearing before the House Committee on Oversight and Government Reform is set to begin at two o’clock London time.
On Wednesday, the committee sent a letter to Bernanke asking him to testify on when the Fed became aware of the deteriorating condition of Merrill Lynch and the role the US government played in completing the Merrill Lynch deal with Bank of America.
Bank of America chief executive Kenneth Lewis has already given evidence to the committee at an earlier hearing.