Congressman Burton is one of 17 House members pushing for an investigation of the federal government for their role in Bank of America's overtake of Merrill Lynch. Bill O'Boyle of timesleader.com explains more on the issue:
The House members are questioning whether the federal government, including former Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke, exerted pressure on Bank of America to acquire Merrill Lynch.
The 17 legislators – three Democrats and 14 Republicans – on Friday sent a letter to Obama requesting the investigation. The Obama administration has proposed granting new powers to the Fed in an effort to overhaul the financial system.
In the letter, the legislators wrote: “While Chairman Bernanke testified that he made no such threats in relation to the merger, there is a considerable amount of other testimony and evidence that calls into question those claims. No additional powers should be contemplated for the Federal Reserve, however, until this issue is thoroughly investigated and the Federal Reserve is cleared of any wrongdoing.”
The 17 legislators – three Democrats and 14 Republicans – on Friday sent a letter to Obama requesting the investigation. The Obama administration has proposed granting new powers to the Fed in an effort to overhaul the financial system.
In the letter, the legislators wrote: “While Chairman Bernanke testified that he made no such threats in relation to the merger, there is a considerable amount of other testimony and evidence that calls into question those claims. No additional powers should be contemplated for the Federal Reserve, however, until this issue is thoroughly investigated and the Federal Reserve is cleared of any wrongdoing.”
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