Yesterday, Congressman Edolphus Towns (D-NY), Chairman of the House Oversight and Government Reform Committee, issued a subpoena to the Federal Reserve Bank of New York (FRBNY) for documents related to payments made to American International Group (AIG) counterparties. The subpoena follows the release last week of email exchanges between FRBNY and AIG representatives by the Committee’s Ranking Member Darrell Issa (R-CA), relating to the disclosures required about the FRBNY’s negotiations with AIG’s credit default swap counterparties. A Committee hearing will be held next week to examine the financial disclosure advice provided by the FRBNY to AIG, with slated witnesses to include U.S. Treasury Secretary Timothy Geithner, who served as the FRBNY's president from 2003-2008, and Thomas Baxter, who has served as the FRBNY's general counsel and executive vice president since 1995.