graham steele
@grahamsteele.bsky.social
Focused on the law & politics of finance.
Currently Rock Center at Stanford Law School & Roosevelt Institute. Former Assistant Secretary, US Treasury Department & Democratic chief counsel, Senate Banking Committee.
https://law.stanford.edu/graham-steele/
Currently Rock Center at Stanford Law School & Roosevelt Institute. Former Assistant Secretary, US Treasury Department & Democratic chief counsel, Senate Banking Committee.
https://law.stanford.edu/graham-steele/
The Fed, FDIC, and OCC have finalized a rule weakening a key post-financial crisis leverage capital rule applicable to the 8 largest US banks.
Barr's dissent (correctly) notes the rule won't achieve its stated purpose of helping Treasury markets. Instead, it will make big banks less resilient.
Barr's dissent (correctly) notes the rule won't achieve its stated purpose of helping Treasury markets. Instead, it will make big banks less resilient.
November 25, 2025 at 7:10 PM
The Fed, FDIC, and OCC have finalized a rule weakening a key post-financial crisis leverage capital rule applicable to the 8 largest US banks.
Barr's dissent (correctly) notes the rule won't achieve its stated purpose of helping Treasury markets. Instead, it will make big banks less resilient.
Barr's dissent (correctly) notes the rule won't achieve its stated purpose of helping Treasury markets. Instead, it will make big banks less resilient.
This piece is timely. Yesterday, the FDIC released its Quarterly Banking Profile showing that banks’ deposit income is increasing (L) as the Fed lowers interest rates (R).
Rate pass-through tends to lag, but it’s a trend worth watching because it reflects banks’ pricing power.
Rate pass-through tends to lag, but it’s a trend worth watching because it reflects banks’ pricing power.
November 25, 2025 at 4:16 PM
This piece is timely. Yesterday, the FDIC released its Quarterly Banking Profile showing that banks’ deposit income is increasing (L) as the Fed lowers interest rates (R).
Rate pass-through tends to lag, but it’s a trend worth watching because it reflects banks’ pricing power.
Rate pass-through tends to lag, but it’s a trend worth watching because it reflects banks’ pricing power.
Starting to think that putting a deeply partisan sycophant with no housing policy expertise in charge of US housing policy was not a great idea.
November 11, 2025 at 3:22 AM
Starting to think that putting a deeply partisan sycophant with no housing policy expertise in charge of US housing policy was not a great idea.
OpenAI CFO clarifies that when she suggested the US government might “backstop the guarantee that allows the financing to happen,” she didn't really mean they're seeking a government backstop.
Either this was a trial balloon or she's just a bad communicator. I'd assume the former, but who's to say.
Either this was a trial balloon or she's just a bad communicator. I'd assume the former, but who's to say.
November 6, 2025 at 3:03 PM
OpenAI CFO clarifies that when she suggested the US government might “backstop the guarantee that allows the financing to happen,” she didn't really mean they're seeking a government backstop.
Either this was a trial balloon or she's just a bad communicator. I'd assume the former, but who's to say.
Either this was a trial balloon or she's just a bad communicator. I'd assume the former, but who's to say.
Today, OpenAI’s CFO said the US government should guarantee the debt the company takes on to finance its infrastructure build.
Not a sign of a sustainable business model that can stand on its own.
www.wsj.com/tech/ai/open...
Not a sign of a sustainable business model that can stand on its own.
www.wsj.com/tech/ai/open...
November 6, 2025 at 1:48 AM
Today, OpenAI’s CFO said the US government should guarantee the debt the company takes on to finance its infrastructure build.
Not a sign of a sustainable business model that can stand on its own.
www.wsj.com/tech/ai/open...
Not a sign of a sustainable business model that can stand on its own.
www.wsj.com/tech/ai/open...
There's no mystery about the likely impact of these cuts.
For comparison, the Fed's post mortem on the Silicon Valley Bank failure noted that the headcount decline of 3% during the first Trump administration-a tenth of what's proposed now-strained the Fed's ability to address emerging risks.
For comparison, the Fed's post mortem on the Silicon Valley Bank failure noted that the headcount decline of 3% during the first Trump administration-a tenth of what's proposed now-strained the Fed's ability to address emerging risks.
October 30, 2025 at 8:24 PM
There's no mystery about the likely impact of these cuts.
For comparison, the Fed's post mortem on the Silicon Valley Bank failure noted that the headcount decline of 3% during the first Trump administration-a tenth of what's proposed now-strained the Fed's ability to address emerging risks.
For comparison, the Fed's post mortem on the Silicon Valley Bank failure noted that the headcount decline of 3% during the first Trump administration-a tenth of what's proposed now-strained the Fed's ability to address emerging risks.
A deeply unserious statement on the Fed’s decision today to ignore the financial implications of climate change from the supposedly moderate, institutionalist candidate to be the next Fed chair.
October 16, 2025 at 7:24 PM
A deeply unserious statement on the Fed’s decision today to ignore the financial implications of climate change from the supposedly moderate, institutionalist candidate to be the next Fed chair.
Interested to see how textualists might try to justify the OMB Director simply disregarding this extremely clear provision.
October 16, 2025 at 1:27 AM
Interested to see how textualists might try to justify the OMB Director simply disregarding this extremely clear provision.
News outlets should stop attempting to reverse engineer explanations for the President's transparent and pretextual attempts to punish Democratic cities.
It's not credible that this one incident would justify the President leaning on FIFA to pull matches out of Mass.
apnews.com/article/trum...
It's not credible that this one incident would justify the President leaning on FIFA to pull matches out of Mass.
apnews.com/article/trum...
October 14, 2025 at 11:44 PM
News outlets should stop attempting to reverse engineer explanations for the President's transparent and pretextual attempts to punish Democratic cities.
It's not credible that this one incident would justify the President leaning on FIFA to pull matches out of Mass.
apnews.com/article/trum...
It's not credible that this one incident would justify the President leaning on FIFA to pull matches out of Mass.
apnews.com/article/trum...
KBJ observed in the universal injunction case that the government’s arguments amounted to a “catch-me-if-you-can” legal regime.
It’s a useful frame for understanding the administration’s general approach to legal compliance.
It’s a useful frame for understanding the administration’s general approach to legal compliance.
October 5, 2025 at 7:28 PM
KBJ observed in the universal injunction case that the government’s arguments amounted to a “catch-me-if-you-can” legal regime.
It’s a useful frame for understanding the administration’s general approach to legal compliance.
It’s a useful frame for understanding the administration’s general approach to legal compliance.
I had print reproductions of these two in my office at Treasury.
While a bit dated and gendered, they’re real treasures of New Deal art history.
While a bit dated and gendered, they’re real treasures of New Deal art history.
October 4, 2025 at 3:07 PM
I had print reproductions of these two in my office at Treasury.
While a bit dated and gendered, they’re real treasures of New Deal art history.
While a bit dated and gendered, they’re real treasures of New Deal art history.
Great @theamarareport.bsky.social piece on the dynamics of Fed independence in Congress, the courts, and financial markets.
The Fed needs to adapt to the changing environment, in both its approach to core responsibilities and responses to legal and political risk.
www.bloomberg.com/news/article...
The Fed needs to adapt to the changing environment, in both its approach to core responsibilities and responses to legal and political risk.
www.bloomberg.com/news/article...
October 2, 2025 at 5:56 PM
Great @theamarareport.bsky.social piece on the dynamics of Fed independence in Congress, the courts, and financial markets.
The Fed needs to adapt to the changing environment, in both its approach to core responsibilities and responses to legal and political risk.
www.bloomberg.com/news/article...
The Fed needs to adapt to the changing environment, in both its approach to core responsibilities and responses to legal and political risk.
www.bloomberg.com/news/article...
Remarkable response from the 28-year-old Deputy Director of ICE on whether she’s qualified for the job:
“At the end of the day, what really makes anybody qualified for any job?”
“At the end of the day, what really makes anybody qualified for any job?”
September 23, 2025 at 2:20 PM
Remarkable response from the 28-year-old Deputy Director of ICE on whether she’s qualified for the job:
“At the end of the day, what really makes anybody qualified for any job?”
“At the end of the day, what really makes anybody qualified for any job?”
I’m skeptical of any material financial stability risks to the US from the situation in Argentina. It looks more like the administration helping a political ally.
Does the reference to swap lines imply involvement of the (ostensibly independent) Fed, which has no standing agreement with Argentina?
Does the reference to swap lines imply involvement of the (ostensibly independent) Fed, which has no standing agreement with Argentina?
September 22, 2025 at 2:40 PM
I’m skeptical of any material financial stability risks to the US from the situation in Argentina. It looks more like the administration helping a political ally.
Does the reference to swap lines imply involvement of the (ostensibly independent) Fed, which has no standing agreement with Argentina?
Does the reference to swap lines imply involvement of the (ostensibly independent) Fed, which has no standing agreement with Argentina?
This isn't the time to reopen the Federal Reserve Act. But some future Congress is going to need to make explicit that a White House employee can't be temporarily seconded to the Fed.
This isn't a "silly" concern. It's an unacceptable conflict of interest.
www.cnbc.com/2025/09/19/f...
This isn't a "silly" concern. It's an unacceptable conflict of interest.
www.cnbc.com/2025/09/19/f...
![Along those lines, questions have been raised about potential conflicts for Miran taking a leave as head of the Council of Economic Advisers, rather than resigning. However, he called those concerns “a bit silly” as he only intends to stay at the Fed until the unexpired term he is filling ends in January 2026.
“If the President told me that I was going to stay in the seat past January, I would just resign immediately. You know, there’d be no question about it,” he said. “The fact that people are saying this is, you know, that’s a motivator in terms of wanting to get my full views out there on Monday and walk through [them] in meticulous detail, because I do feel that I owe the world in accounting for why my views are so different.”](https://cdn.bsky.app/img/feed_thumbnail/plain/did:plc:vujck3ucc4eiy2ittdtezn6p/bafkreidduddvts6gi7vprquafj4fcthf675fxexy6jytyps4lvlo2ut7gu@jpeg)
September 19, 2025 at 7:10 PM
This isn't the time to reopen the Federal Reserve Act. But some future Congress is going to need to make explicit that a White House employee can't be temporarily seconded to the Fed.
This isn't a "silly" concern. It's an unacceptable conflict of interest.
www.cnbc.com/2025/09/19/f...
This isn't a "silly" concern. It's an unacceptable conflict of interest.
www.cnbc.com/2025/09/19/f...
In its latest filing in Cook v. Trump, DOJ is again asking a court to ignore important real-world context.
Recent reporting makes clear the President was uninterested in facts on the ground. Instead, he was looking for a pretext to remove Governor Cook.
storage.courtlistener.com/recap/gov.us...
Recent reporting makes clear the President was uninterested in facts on the ground. Instead, he was looking for a pretext to remove Governor Cook.
storage.courtlistener.com/recap/gov.us...
September 14, 2025 at 9:40 PM
In its latest filing in Cook v. Trump, DOJ is again asking a court to ignore important real-world context.
Recent reporting makes clear the President was uninterested in facts on the ground. Instead, he was looking for a pretext to remove Governor Cook.
storage.courtlistener.com/recap/gov.us...
Recent reporting makes clear the President was uninterested in facts on the ground. Instead, he was looking for a pretext to remove Governor Cook.
storage.courtlistener.com/recap/gov.us...
The suggested path referenced here was ... for Powell to resign and preemptively turn the Fed over to Trump and one of the loyalist he's considering nominating to be the next chair.
Amazing stuff.
Amazing stuff.
September 12, 2025 at 8:51 PM
The suggested path referenced here was ... for Powell to resign and preemptively turn the Fed over to Trump and one of the loyalist he's considering nominating to be the next chair.
Amazing stuff.
Amazing stuff.
On top of the confusion SCOTUS's unexplained emergency orders are causing for lower courts, blocking *any* injunctions in this case is putting peoples' personal data at risk, according to a Social Security Administration whistleblower.
Sounds like a significant risk of irreparable harm to me.
Sounds like a significant risk of irreparable harm to me.
September 12, 2025 at 1:55 AM
On top of the confusion SCOTUS's unexplained emergency orders are causing for lower courts, blocking *any* injunctions in this case is putting peoples' personal data at risk, according to a Social Security Administration whistleblower.
Sounds like a significant risk of irreparable harm to me.
Sounds like a significant risk of irreparable harm to me.
This is a good story, I'd only add that the US Treasury Department flagged the risks of bitcoin ATMs in 2022.
These aren't really "ATMs" in the traditional sense. They're retail investment kiosks that tend to be located in/targeted at low-income neighborhoods.
home.treasury.gov/system/files...
These aren't really "ATMs" in the traditional sense. They're retail investment kiosks that tend to be located in/targeted at low-income neighborhoods.
home.treasury.gov/system/files...
September 11, 2025 at 4:36 PM
This is a good story, I'd only add that the US Treasury Department flagged the risks of bitcoin ATMs in 2022.
These aren't really "ATMs" in the traditional sense. They're retail investment kiosks that tend to be located in/targeted at low-income neighborhoods.
home.treasury.gov/system/files...
These aren't really "ATMs" in the traditional sense. They're retail investment kiosks that tend to be located in/targeted at low-income neighborhoods.
home.treasury.gov/system/files...
Senate Banking Committee is scheduled to vote on Stephen Miran's nomination to the Fed Board this Wednesday, Sept. 10th.
Six days from hearing to vote is lightning fast. Telling that none of the other 4 nominees from the 9/4 hearing are getting a vote yet.
www.banking.senate.gov/hearings/09/...
Six days from hearing to vote is lightning fast. Telling that none of the other 4 nominees from the 9/4 hearing are getting a vote yet.
www.banking.senate.gov/hearings/09/...
September 8, 2025 at 6:59 PM
Senate Banking Committee is scheduled to vote on Stephen Miran's nomination to the Fed Board this Wednesday, Sept. 10th.
Six days from hearing to vote is lightning fast. Telling that none of the other 4 nominees from the 9/4 hearing are getting a vote yet.
www.banking.senate.gov/hearings/09/...
Six days from hearing to vote is lightning fast. Telling that none of the other 4 nominees from the 9/4 hearing are getting a vote yet.
www.banking.senate.gov/hearings/09/...
From Pulte’s referral letter to DOJ: “The American people deserve transparency, especially from those holding office in an institution
tasked with maintaining the stability of the U.S. economy.”
Indeed.
tasked with maintaining the stability of the U.S. economy.”
Indeed.
September 6, 2025 at 12:03 AM
From Pulte’s referral letter to DOJ: “The American people deserve transparency, especially from those holding office in an institution
tasked with maintaining the stability of the U.S. economy.”
Indeed.
tasked with maintaining the stability of the U.S. economy.”
Indeed.
Pulte was going to have a press conference yesterday, but abruptly canceled it ... right before stories by ProPublica and Reuters dropped accusing multiple cabinet secretaries and members of Pulte's family, respectively, of claiming dual primary residences.
www.cnbc.com/2025/09/04/p...
www.cnbc.com/2025/09/04/p...
September 5, 2025 at 11:40 PM
Pulte was going to have a press conference yesterday, but abruptly canceled it ... right before stories by ProPublica and Reuters dropped accusing multiple cabinet secretaries and members of Pulte's family, respectively, of claiming dual primary residences.
www.cnbc.com/2025/09/04/p...
www.cnbc.com/2025/09/04/p...
Here are the relevant FRA prohibitions I'm aware of. There may be Board rules or other general ethics statutes that prohibit your hypo. Coming from another government body makes this case a bit different, I think (eg, the Fed's lobbying ban doesn't apply to other government agencies).
September 4, 2025 at 6:27 PM
Here are the relevant FRA prohibitions I'm aware of. There may be Board rules or other general ethics statutes that prohibit your hypo. Coming from another government body makes this case a bit different, I think (eg, the Fed's lobbying ban doesn't apply to other government agencies).
The fact that Miran won't even deign to resign from his White House job only further clarifies that the goal here is to rush a pro-Trump vote onto the Fed before the September FOMC meeting.
www.nytimes.com/live/2025/09...
www.nytimes.com/live/2025/09...
September 4, 2025 at 6:01 PM
The fact that Miran won't even deign to resign from his White House job only further clarifies that the goal here is to rush a pro-Trump vote onto the Fed before the September FOMC meeting.
www.nytimes.com/live/2025/09...
www.nytimes.com/live/2025/09...
These figures on the Trump administration’s record of success in SCOTUS emergency docket cases are striking.
September 4, 2025 at 2:17 PM
These figures on the Trump administration’s record of success in SCOTUS emergency docket cases are striking.