As speculation mounts about who will succeed Ken Lewis as chief executive at Bank of America Corp., some are wondering what role Uncle Sam will play in that decision.

Lewis on Wednesday announced plans to retire December 31. The bank’s board said its “ongoing planning” would result in a new CEO by the time Lewis leaves. But during the past year, Charlotte-based BofA has often found itself and its decisions intertwined with federal regulators and—more recently—politicians. Because BofA is viewed as one of the banks “too big to fail,” some experts believe regulators will likely hold a veto over the list of candidates to succeed Lewis. The bank will also be under political pressure to make sure the next leader can cooperate with federal officials and repay $45 billion in taxpayer aid.

“The regulators are lurking in the background,” says Bert Ely, a Washington-area banking consultant. “I would expect them to have an implicit veto power.”

Federal officials have exerted unprecedented influence in the banking industry as the financial system neared collapse during the past 18 months. And recent events suggest regulators will continue to influence bank decisions. “The biggest issue right now is whether the government will let the bank be Bank of America or Bank run by America,” says Ken Thomas, a Miami-based independent bank consultant and economist.

BofA spokesman Scott Silvestri downplayed the role of the government in the selection of the next CEO. “The board makes that decision,” he says.

Federal intervention in BofA’s operations has continued since the government played a major role in the bank’s acquisition of Merrill Lynch in December. As part of those negotiations, the bank received taxpayer aid to help close the deal. Altogether, BofA has borrowed $45 billion from taxpayers since last October without repaying any of the principal.

This spring, it was reported that regulators pushed BofA to reconstitute its board of directors to include individuals with more financial expertise. Since its annual meeting in April, the bank has added seven new directors while 10 have walked away. And this summer, Lewis was called to testify before the U.S. House Committee on Oversight and Government Reform about the federal role in the Merrill deal. Since then, Lewis has been in a standoff with Committee chairman Ed Towns over the disclosure of documents related to his testimony and the Merrill acquisition.

Towns was quick to speak about his hopes for the next BofA leader. “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 says in a statement released soon after Lewis’ retirement was announced. “We hope that Bank of America’s new leadership will quickly repay American taxpayers and help us finally resolve unanswered questions about this merger.”

BofA is also involved in a lawsuit with the Securities and Exchange Commission and several investigations and actions by state attorneys general over bonuses paid at Merrill Lynch that weren’t disclosed to investors.

For those reasons, many believe the next BofA leader will have to be a person palatable to government officials—and the bank’s board. “There will certainly be a series of winks and nods between the bank and regulators,” Ely says about finding a successor. “And if Bernanke or Timothy Geithner has an issue with any of the candidates, that would put the kibosh on it.”

Analysts and observers say finding a candidate who would be good for the bank, but also pleasing to regulators, will be a challenge. “Anybody the board selects will be vetted by regulators,” University of North Carolina at Charlotte finance professor Tony Plath says. “There’s a real short list of people who can do this job without screwing it up.”