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Jul 22, 2015

U.S. financial regulation relief bill passes through appropriations panel

WASHINGTON, July 22 (Reuters) – Senator Richard Shelby
attached his financial regulation relief bill to an
appropriations markup on Wednesday, which passed a subcommittee
vote, acting on a threat he issued previously if Democrats
failed to offer a fair compromise.

The Financial Regulatory Improvement Act of 2015, which aims
to ease bank regulations and enforce greater transparency on the
Federal Reserve and other financial regulators, passed the
Senate Banking Committee in May with no support from Democrats.

Jul 21, 2015

Fed takes tough stance on bond liquidity, downplays market fears

NEW YORK/WASHINGTON, July 21 (Reuters) – While Wall Street
frets over the ability of bond markets to absorb an approaching
interest rate rise, the U.S. Federal Reserve has a message for
the industry: deal with it.

The financial industry worries that when the Fed’s
tightening plans take hold, a sell-off in the massive U.S. bond
market could ensue, and be exacerbated by a lack of bank buyers
willing to jump in.

Jul 20, 2015

New Fed rule tells 8 biggest U.S. banks to bump up capital

WASHINGTON, July 20 (Reuters) – The Federal Reserve on
Monday adopted a rule for the eight largest U.S. banks to hold
more equity capital, amid fears on Wall Street that the measure
may make it less profitable.

The rule was largely similar to when it was proposed in
December, when the U.S. central bank and bank regulator said the
firms would face a surcharge of between 1 percent and 4.5
percent of their assets.

Jul 20, 2015

Fed to adopt new capital surcharges for 8 largest U.S. banks

WASHINGTON, July 20 (Reuters) – The Federal Reserve will
meet on Monday to adopt a new rule for the eight largest U.S.
banks to hold more equity capital, amid fears on Wall Street
that the measure may make it less profitable.

The rule was largely similar to when it was proposed in
December, when the U.S. central bank said the banks would face a
surcharge of between 1 percent and 4.5 percent of their assets.

Jul 16, 2015

Yellen says open to raising threshold for systemic banks

WASHINGTON (Reuters) – Federal Reserve Chair Janet Yellen said on Thursday she was open to raising a threshold for determining a bank’s systemic importance and indicated that U.S. lenders had made progress in their submissions of so-called living will plans this month.

The tacit nod of approval from the Fed chief is a good sign for Wall Street, as a rejection can be costly, though Yellen also made clear the U.S. central bank will not hesitate to reject certain plans when it completes its assessment.

Jul 16, 2015

Fed’s Yellen says open to raising threshold for systemic banks

WASHINGTON, July 16 (Reuters) – Federal Reserve Chair Janet
Yellen said on Thursday she was open to raising a threshold for
determining a bank’s systemic importance and indicated that U.S.
lenders had made progress in their submissions of so-called
living will plans this month.

The tacit nod of approval from the Fed chief is a good sign
for Wall Street, as a rejection can be costly, though Yellen
also made clear the U.S. central bank will not hesitate to
reject certain plans when it completes its assessment.

Jul 15, 2015

Yellen stands by Fed transparency as lawmakers turn up heat

WASHINGTON, July 15 (Reuters) – Federal Reserve Chair Janet
Yellen on Wednesday resisted calls for more congressional
oversight and intervention into the U.S. central bank, as
members of a House of Representatives panel criticized her and
other policymakers for failing to be more accountable.

One Republican lawmaker also continued his attack on the
Fed’s response to a 2012 information leak, saying Yellen and the
central bank had failed to properly respond.

Jul 15, 2015

Yellen says economy on track, defends Fed ‘transparency’

WASHINGTON (Reuters) – Federal Reserve Chair Janet Yellen said on Wednesday the U.S. central bank remains on track to raise interest rates this year, with labor markets expected to steadily improve and turmoil abroad unlikely to throw the U.S. economy off track.

“If the economy evolves as we expect, economic conditions likely would make it appropriate at some point this year to raise the federal funds rate,” Yellen said in testimony prepared for the U.S. House of Representatives Financial Services Committee, affirming the view of a central bank prepared to gradually raise rates after more than six years at a near-zero level.

Jul 14, 2015

Yellen intensifies Republican outreach amid Fed probe, Senate bill

WASHINGTON/SAN FRANCISCO (Reuters) – As political pressure mounted on the Federal Reserve this spring in the form of a regulation relief bill and a probe into an alleged information leak, Fed Chair Janet Yellen kicked her congressional outreach efforts into high gear.

Yellen connected with more individual lawmakers in May than in any other month since she took on the Fed’s top role in February 2014, according to her most recent calendar disclosure, obtained through a freedom of information request.

Jul 8, 2015

More data needed before Fed can hike, as Greek worries loom: Fed minutes

WASHINGTON/NEW YORK (Reuters) – Federal Reserve officials needed to see more signs of a strengthening U.S. economy before raising interest rates, according to minutes of a June Fed policy meeting, at which Greece’s debt crisis was cited as a serious concern.

The minutes from the June 16-17 meeting show how the central bank continues to grapple with its plan to raise interest rates later this year, in the wake of mixed economic data domestically and market turmoil gathering steam abroad. The minutes underscored the view that a Fed rate hike would likely have to wait until at least September.

    • About Michael

      "In June 2009, Michael Flaherty became a Chief Correspondent for Reuters News, leading a team of journalists who cover investment banking, mergers & acquisitions, private equity and hedge funds, equity capital markets, natural resources and property across Asia. He arrived in Hong Kong in Feb. 2008 as Reuters' Asia Financial Services correspondent, covering the investment banks and M&A. Flaherty was hired by Reuters in New York in Dec. 2003. He was voted Reuters Journalist of the Year for his 2007 coverage of the U.S. private equity boom and bust. He started at Reuters with the consumer group covering office retailers ..."
      Joined Reuters:
      Dec. 1, 2003
      Awards:
      Peninsula Press Club, 2002, Reuters Journalist of the Year, 2007, M&A International, 2007
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