Yesterday, Federal Reserve Chairman Ben Bernanke testified at a hearing before the House Committee on Oversight and Government Reform regarding the acquisition of Merrill Lynch by Bank of America. Chairman Bernanke faced sharp questioning from the Committee about the role played by the Federal Reserve as the closing of the transaction approached. The transaction was announced on September 15, 2008 and closed later that year. The Committee previously held a hearing on the acquisition on June 11, 2009, at which Bank of America CEO Ken Lewis testified, and will hold a third hearing on the subject in July, when former Treasury Secretary Henry Paulson is expected to testify.