If the board of directors at the Bank of America Corporation meant to thumb their noses at the congressional panel that’s been investigating the bank all year, they have succeeded. They did it Wednesday by naming Brian Moynihan—an intricate player in the bank’s controversial merger with Merrill Lynch & Co.—as the new chief executive.

Moynihan, who has held various business-side jobs over 15 years, served as the bank’s general counsel for 44 days. He was most recently head of consumer banking.