House Members: Fed Needs to Come Clean

Remember this video of Dan Burton grilling Ben Bernanke about the Bank of America acquisition of Merrill Lynch? Despite considerable testimony to the contrary, Ben Bernanke insisted he did not threaten the leaders of Bank of America:

Today, 17 Congressmen, three of them democrats, sent a letter to President Obama asking for a full investigation of the Fed’s involvement in the acquisition before the Fed is given any more power to regulate the financial markets.

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. As mentioned above, even if it is cleared, we must ask ourselves, and we believe the American people are asking themselves, do we really want to centralize even more power in this entity?

Read the entire letter here.

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