Chief Correspondent, Hong Kong
Michael's Feed
Mar 13, 2015

New York Fed targeted by Senate Banking committee

WASHINGTON, March 13 (Reuters) – As the Senate Banking
committee pushes ahead with its agenda, one target emerging on
both sides of the political aisle is the New York Federal
Reserve Bank and its role in the financial industry.

The New York Fed has come under increased pressure from
lawmakers who say the bank is too cozy with Wall Street, a
charge that gained attention from bank examiner tapes leaked
last fall.

Mar 13, 2015

New York Fed in crosshairs of Senate Banking committee

WASHINGTON, March 12 (Reuters) – The Senate Banking
Committee is zeroing in on the New York Federal Reserve Bank in
its reform effort aimed at the U.S. central bank.

And while the New York Fed is a common ground in political
attacks on the U.S. central bank, Republicans and Democrats have
yet to agree on what changes to impose.

Mar 10, 2015

U.S. Fed’s Fisher calls for ‘prompt’ rate hike in final speech

HOUSTON/WASHINGTON, March 9 (Reuters) – The U.S. Federal
Reserve should promptly end its easy monetary policy and press
ahead with an interest rate hike, followed by a set of gradual
moves higher, the head of the Dallas Fed said on Monday in his
final speech as a policymaker.

Richard Fisher, president of the Dallas Federal Reserve
Bank, shrugged off stagnate wage growth, calling it a lagging
indicator, and said inflation will bounce back once energy
prices stabilize.

Mar 5, 2015

U.S. officials push to speed up sale of Fannie, Freddie assets

WASHINGTON (Reuters) – Two U.S. government officials on Thursday said the nation’s biggest mortgage finance companies need to speed up the sale of their non-performing loans.

Michael Stegman, the counselor to the Treasury’s secretary for housing finance policy, advocated for programmatic sales of non-performing loans at Fannie Mae and Freddie Mac and for a faster reduction in the most illiquid assets held by the two government-sponsored enterprises (GSEs).

Mar 4, 2015

Fed struggled with 2009 bailouts, bond-buying: transcripts

WASHINGTON/NEW YORK (Reuters) – The Federal Reserve struggled with the message being sent by its involvement in bank bailouts in 2009 and worried about its implementation of a bond-buying program aimed at easing the financial crisis, according to transcripts released by the U.S. central bank on Wednesday.

The transcripts from Fed meetings in 2009 reveal intense discussions on how to prop up the U.S. banking system and stimulate an economy reeling from the biggest financial shocks since the Great Depression.

Mar 4, 2015

U.S. Fed struggled with 2009 bailouts, bond-buying -transcripts

WASHINGTON/NEW YORK, March 4 (Reuters) – The Federal Reserve
struggled with the message being sent by its involvement in bank
bailouts in 2009 and worried about its implementation of a
bond-buying program aimed at easing the financial crisis,
according to transcripts released by the U.S. central bank on
Wednesday.

The transcripts from Fed meetings in 2009 reveal intense
discussions on how to prop up the U.S. banking system and
stimulate an economy reeling from the biggest financial shocks
since the Great Depression.

Mar 3, 2015

U.S. Senate banking panel launches effort at Fed reform

WASHINGTON, March 3 (Reuters) – The Senate Banking Committee
on Tuesday launched its effort to pursue reforms at the Federal
Reserve, with the central bank’s regional structure among the
topics that came into the panel’s cross-hairs.

Senator Richard Shelby, the committee chairman, said at
Tuesday’s Fed reform hearing that the panel will explore
reforming the Fed system.

Mar 2, 2015

Americans say keep politics out of the Fed – poll

WASHINGTON (Reuters) – Most Americans don’t know who runs the Federal Reserve, but they do believe that elected officials should stay out of its business, according to a Reuters-Ipsos poll.

Just 24 percent of those polled said Congress should be allowed to have detailed oversight of the Fed, the poll shows. More than double that amount said the central bank should be left alone.

Mar 2, 2015

Americans say keep politics out of the Fed

WASHINGTON (Reuters) – Most Americans don’t know who runs the Federal Reserve, but they do believe that elected officials should stay out of its business, according to a Reuters-Ipsos poll.

    Just 24 percent of those polled said Congress should be allowed to have detailed oversight of the Fed, the poll shows. More than double that amount said the central bank should be left alone.

Feb 25, 2015

Fiery Yellen fights back as Republican lawmakers lambaste Fed

WASHINGTON (Reuters) – Federal Reserve Chair Janet Yellen on Wednesday fended off a stream of aggressive questions from Republican lawmakers who accused the central bank of making Democratic political causes a higher priority than its stewardship of the U.S. economy.

Speaking in front of the House of Representatives Financial Services Committee, the normally reserved Yellen was the most animated she’s been in a public hearing since taking on the Fed’s top role last February, in a sign of rising friction between the Fed and conservative lawmakers in Congress.

    • 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
    • Contact Michael

    • Follow Michael