House Financial Services Committee Chairman Barney Frank, D-Mass., said there "probably should be hearings" on the role of the Federal Reserve and the U.S. Treasury in Bank of America's acquisition of Merrill Lynch. Frank also said BofA CEO Kenneth Lewis was acting "in the public interest" with the takeover and should get credit for it. Rep. Spencer Bachus, R-Ala., said he would likely seek testimony from Lewis, Fed Chairman Ben Bernanke and former Treasury Secretary Henry Paulson.

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