Issa: Outgoing Bank of America CEO Lewis a 'patriot'

Outgoing Bank of America CEO Ken Lewis is a "patriot" who may have been hounded out of his position by lawmakers, one top Republican said Thursday.

Reacting to Lewis's decision yesterday to retire by the end of the year, Rep. Darrell Issa (R-Calif.), the ranking member of the House Oversight and Government Reform Committee, heaped praise on Lewis, often a subject of scrutiny from his committee.

"He is a patriot, and I'll give you the simplest reason," Issa told CNBC during an appearance. "He's being charged with trying to consider backing out of something which would have left his bank a little more comfortable in a very turbulent time."

"When Paulson looked him dead in the eye and said, 'You can't do that,' he made a decision to go forward for the good of the nation, and the good of his country," Issa added.

The Oversight committee has scrutinized Bank of America's decision to purchase Merrill Lynch last year, a deal facilitated by government bailout funds and alleged pressure from top Bush administration officials.

Issa suggested that the relentless congressional inquiries into that deal may have contributed to Lewis's decision to leave his position.

"I think they made it so unpleasant that he decided that he'd rather be fly fishing or doing something else between congressional hearings," Issa said, adding that Lewis may also well be tired of life at Bank of America, where he's spent the vast majority of his career.

The committee's chairman, Rep. Edolphus Towns (D-N.Y.), vowed yesterday to persist with investigations into Bank of America beyond Lewis's departure.

"Our investigation has uncovered troubling facts about Bank of America’s acquisition of Merrill Lynch, and Mr. Lewis was at the center of this controversy," Towns said in a statement. "We hope that Bank of America’s new leadership will quickly repay American taxpayers and help us finally resolve unanswered questioned about this merger."