Graham Steele
Assistant Secretary of the Treasury for Financial Institutions
Assumed office
December 3, 2021
PresidentJoe Biden
Preceded byBimal Patel
Personal details
Born
Graham Scott Steele
Political partyDemocratic
EducationUniversity of Rochester (BA)
George Washington University (JD)

Graham Scott Steele[1] is an American attorney and policy advisor. In July 2021, Steele was nominated by President Joe Biden to serve as Assistant Secretary of the Treasury for Financial Institutions. Steele currently serves as director of the Corporations and Society Initiative at the Stanford Graduate School of Business (GSB).[2]

Prior to this, Steele served in a variety of political roles, including as Democratic chief counsel on the Senate Banking Committee and as an aide to Senator Sherrod Brown of Ohio.[3]

Early life and education

Originally from Brookline, Massachusetts, Steele attended the University of Rochester for his undergraduate education, where he received a degree in political science in 2002.[4] Steele studied law at George Washington University Law School in Washington, D.C., and joined the Massachusetts State Bar after graduation.[5] His childhood nicknames were "Granimal" and "The Colonel."

Career

Steele began his career as a policy counsel at Public Citizen, a consumer advocacy organization.[6] Prior to joining the GSB, served on the staff of the Federal Reserve Bank of San Francisco and as legislative assistant to Senator Sherrod Brown, who currently chairs the Senate Banking Committee.[7] Steele was a senior fellow at the American Economic Liberties Project (AELP), an anti-monopoly organization.[8]

Nomination to Treasury Department

On July 19, 2021, Steele was nominated as Assistant Secretary of the Treasury for Financial Institutions, a position that oversees the federal Office of Financial Institutions.[9] Steele's nomination was praised by environmentalist group Evergreen Action, which stated in a press release that Steele "understands the systemic risk that climate change poses to the financial system, and is committed to leading federal regulators in confronting these dangers."[10] Brown, Steele's former employer, also endorsed the nomination, stating that Steele's support for combatting income inequality makes him a strong fit for the role.[11]

On September 21, 2021, the Senate Banking Committee held hearings on Steele's nomination. The committee voted to favorably report Steele's nomination to the Senate floor on October 5, 2021. On November 16, 2021, the entire Senate confirmed Steele's nomination in a vote of 53-42.[12]

Views

Steele is considered a member of the progressive wing of the Democratic Party, having supported the presidential campaign of Elizabeth Warren in 2020. Steele has indicated his opposition to the renomination of Jerome Powell as Chair of the Federal Reserve.[13]

Climate policy

In a March 2020 paper published in the Cornell Journal of Law and Public Policy, Steele argued that the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank) law gave federal officials the power to use macroprudential regulation to address climate-related financial risks. According to Steele, federal bodies with this power include the Financial Stability Oversight Council as well as the Federal Reserve.[14]

According to a Wall Street Journal article about his nomination, Steele believes that the Federal Reserve "could use its authority to limit fossil-fuel investments based on their prospective risks to financial stability..."[2]

Derivatives regulations

In a 2019 letter to the Federal Deposit Insurance Corporation (FDIC), Steele argued in favor of restricting derivatives trading to minimize the risk the market poses to the global economy.[15]

References

  1. ↑ "Nominations and Withdrawal Sent to the Senate". The White House. 2021-07-22. Retrieved 2021-09-25.
  2. 1 2 Restuccia, Kate Davidson and Andrew (2021-07-19). "WSJ News Exclusive | Biden to Tap Former Hill Aide for Top Treasury Post Overseeing Financial Rules". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-09-09.
  3. ↑ "Biden Picks Ex-Brown Senate Aide for Bank Policy Job at Treasury". Bloomberg.com. 2021-07-19. Retrieved 2021-09-09.
  4. ↑ "Rochester Review :: University of Rochester". www.rochester.edu. Retrieved 2021-09-25.
  5. ↑ "Graham Steele". Stanford Law School. Retrieved 2021-09-09.
  6. ↑ "President Biden Announces Three Key Nominations". The White House. 2021-07-19. Retrieved 2021-09-09.
  7. ↑ "Biden to nominate ex-Senate banking panel lawyer to senior Treasury post". Reuters. 2021-07-19. Retrieved 2021-09-09.
  8. ↑ "Graham Steele". American Economic Liberties Project. Archived from the original on 2021-11-29. Retrieved 2021-11-29.
  9. ↑ "President Biden Announces Three Key Nominations". The White House. 19 July 2021. Retrieved 12 February 2022.
  10. ↑ "Graham Steele is the Right Person to Lead on Financial Regulation––He Should Be Confirmed Immediately". Evergreen Action. 19 July 2021. Retrieved 2021-09-09.
  11. ↑ "Brown Statement on the Nomination of Graham Steele to Be Assistant Secretary of Financial Institutions at Treasury | U.S. Senator Sherrod Brown of Ohio". www.brown.senate.gov. Retrieved 2021-09-09.
  12. ↑ "On the Nomination (Confirmation: Graham Scott Steele, of California, to be an Assistant Secretary of the Treasury)". US Senate. Retrieved 12 February 2022.
  13. ↑ "Biden's Far-Left Treasury Department Nominee". National Review. 2021-09-20. Retrieved 2021-09-25.
  14. ↑ Steele, Graham (2020-02-22). "Confronting the 'Climate Lehman Moment': The Case for Macroprudential Climate Regulation". Rochester, NY. SSRN 3542840. {{cite journal}}: Cite journal requires |journal= (help)
  15. ↑ Steele, Graham (December 3, 2019). "Letter Re: Margin and Capital Requirements for Covered Swaps Entities" (PDF). Federal Deposit Insurance Corporation.
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