The US administration is flexing it’s muscles with the banking giant , Bank of America. Yes, it has asked for a total revamp of the board of directors with the induction of seasoned bankers with decades of experience.
The US administration strongly feels that an improved and revamped board is necessary to pull out the troubled giant out of the woods. The last leg of funding itself saw lot of tussle between the government and the bank management, which resulted in the resignation of the then Chairman of the bank.
With the induction of more professionals into the board, the government is confident of improving the health of the bank in the long term.