House panel to subpoena Fed over BofA-Merrill deal

A House of Representatives committee on Tuesday said it would subpoena the Federal Reserve to force the central bank to surrender documents regarding its role in Bank of America's (BAC.N) takeover of Merrill Lynch last year.

House Oversight Committee Chairman Edolphus Towns was joined by the ranking Republican Darrell Issa in agreeing to serve the subpoena on the Federal Reserve.