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/
Pinned
graham steele
@grahamsteele.bsky.social
· Sep 23
With the US potentially coming to Argentina's financial rescue, I'm sharing my new paper on "Financial Statecraft."
It critiques the government's deployment of the banking system for geopolitical purposes and proposes reforms to rebalance public and private power.
papers.ssrn.com/sol3/papers....
It critiques the government's deployment of the banking system for geopolitical purposes and proposes reforms to rebalance public and private power.
papers.ssrn.com/sol3/papers....
It will be interesting to watch how senators try to obscure what the president is saying explicitly about his criteria for Fed chair.
That Miran was allowed to serve concurrently as CEA chair and Fed governor with very little pushback is not a good sign.
That Miran was allowed to serve concurrently as CEA chair and Fed governor with very little pushback is not a good sign.
December 23, 2025 at 6:15 PM
It will be interesting to watch how senators try to obscure what the president is saying explicitly about his criteria for Fed chair.
That Miran was allowed to serve concurrently as CEA chair and Fed governor with very little pushback is not a good sign.
That Miran was allowed to serve concurrently as CEA chair and Fed governor with very little pushback is not a good sign.
Reposted by graham steele
Among our findings so far: Epstein repeatedly updated his will over the years and included top Wall Street figures (and Larry Summers) as his executors. www.nytimes.com/2025/12/23/u...
Rotating Cast of Wall Street Figures Were Listed as Executors of Epstein’s Will
www.nytimes.com
December 23, 2025 at 3:44 PM
Among our findings so far: Epstein repeatedly updated his will over the years and included top Wall Street figures (and Larry Summers) as his executors. www.nytimes.com/2025/12/23/u...
Not sure how the government getting into the debt collection business is supposed to help this administration's approval rating on the economy and affordability.
US to begin garnishing wages for student debt next year
www.bloomberg.com/news/article...
www.bloomberg.com/news/article...
US to Begin Garnishing Wages for Student Debt Collection in 2026
The Trump administration will begin to seize student debt repayments from the wages of borrowers in default early next year, the US Education Department said Tuesday.
www.bloomberg.com
December 23, 2025 at 4:41 PM
Not sure how the government getting into the debt collection business is supposed to help this administration's approval rating on the economy and affordability.
An interesting and nuanced look at the Fed’s approach to protecting its independence.
My view is that accommodation hasn’t worked for universities or law firms and it’s a risky strategy for the central bank.
Some new strategies and tactics may be in order.
www.washingtonpost.com/business/202...
My view is that accommodation hasn’t worked for universities or law firms and it’s a risky strategy for the central bank.
Some new strategies and tactics may be in order.
www.washingtonpost.com/business/202...
December 23, 2025 at 3:13 PM
An interesting and nuanced look at the Fed’s approach to protecting its independence.
My view is that accommodation hasn’t worked for universities or law firms and it’s a risky strategy for the central bank.
Some new strategies and tactics may be in order.
www.washingtonpost.com/business/202...
My view is that accommodation hasn’t worked for universities or law firms and it’s a risky strategy for the central bank.
Some new strategies and tactics may be in order.
www.washingtonpost.com/business/202...
Great news for Oakland residents: all but one city council member voted last week to extend Flock's contract with the city.
oaklandside.org/2025/12/17/o...
oaklandside.org/2025/12/17/o...
December 22, 2025 at 5:43 PM
Great news for Oakland residents: all but one city council member voted last week to extend Flock's contract with the city.
oaklandside.org/2025/12/17/o...
oaklandside.org/2025/12/17/o...
Interesting to revisit this take that the Binance settlement signaled crypto was succumbing to government oversight.
It's obviously not the case given the Trump administration's crypto deregulation, but the FT report suggests Binance never intended to change its ways.
www.wsj.com/finance/curr...
It's obviously not the case given the Trump administration's crypto deregulation, but the FT report suggests Binance never intended to change its ways.
www.wsj.com/finance/curr...
December 22, 2025 at 4:28 PM
Interesting to revisit this take that the Binance settlement signaled crypto was succumbing to government oversight.
It's obviously not the case given the Trump administration's crypto deregulation, but the FT report suggests Binance never intended to change its ways.
www.wsj.com/finance/curr...
It's obviously not the case given the Trump administration's crypto deregulation, but the FT report suggests Binance never intended to change its ways.
www.wsj.com/finance/curr...
Reposted by graham steele
Banks and credit unions are using AI to screen borrowers and buying insurance against errors made by the AI tools. Shifting risk to insurers such as David Einhorn's Greenlight Re is helping them trim their regulatory capital requirements & loan more:
www.ft.com/content/9317...
www.ft.com/content/9317...
US mortgage lenders insure against artificial intelligence screening errors
Insurers including Munich Re are backing cover for AI mistakes, offering the potential to cut capital requirements
www.ft.com
December 22, 2025 at 3:19 PM
Banks and credit unions are using AI to screen borrowers and buying insurance against errors made by the AI tools. Shifting risk to insurers such as David Einhorn's Greenlight Re is helping them trim their regulatory capital requirements & loan more:
www.ft.com/content/9317...
www.ft.com/content/9317...
This is the ostensible *moderate* choice from the current short list of Fed chair candidates.
www.wsj.com/politics/pol...
www.wsj.com/politics/pol...
December 20, 2025 at 10:52 PM
This is the ostensible *moderate* choice from the current short list of Fed chair candidates.
www.wsj.com/politics/pol...
www.wsj.com/politics/pol...
Reposted by graham steele
Highly recommended!
"The Incidence of Tariffs: Rates and Reality" by Gita Gopinath and Brent Neiman.
"...tariff pass-through to U.S. import prices is almost 100 percent, so the United States is bearing a large share of the costs."
bfi.uchicago.edu/wp-content/u...
"The Incidence of Tariffs: Rates and Reality" by Gita Gopinath and Brent Neiman.
"...tariff pass-through to U.S. import prices is almost 100 percent, so the United States is bearing a large share of the costs."
bfi.uchicago.edu/wp-content/u...
December 20, 2025 at 7:55 PM
Highly recommended!
"The Incidence of Tariffs: Rates and Reality" by Gita Gopinath and Brent Neiman.
"...tariff pass-through to U.S. import prices is almost 100 percent, so the United States is bearing a large share of the costs."
bfi.uchicago.edu/wp-content/u...
"The Incidence of Tariffs: Rates and Reality" by Gita Gopinath and Brent Neiman.
"...tariff pass-through to U.S. import prices is almost 100 percent, so the United States is bearing a large share of the costs."
bfi.uchicago.edu/wp-content/u...
When I worked in the Senate, this was a popular strategy: say you're for a popular policy but don't actually work to pass it (and at times even obstruct its passage).
Problem is, politics is about more than messaging. You wind up depriving yourself of concrete legislative victories to point to.
Problem is, politics is about more than messaging. You wind up depriving yourself of concrete legislative victories to point to.
Confirmed: House Democratic leaders have decided to use a stock trading ban bill as a campaign issue rather than actually pass something that had the GOP support to advance.
Jeffries' team is actively discouraging participation in the bipartisan bill and warning outside groups too.
Jeffries' team is actively discouraging participation in the bipartisan bill and warning outside groups too.
Jeffries Undercuts Congressional Stock Trading Ban - The American Prospect
A bipartisan solution was gaining momentum, but the House Democratic leader just issued his own bill that will prevent consensus.
prospect.org
December 19, 2025 at 8:55 PM
When I worked in the Senate, this was a popular strategy: say you're for a popular policy but don't actually work to pass it (and at times even obstruct its passage).
Problem is, politics is about more than messaging. You wind up depriving yourself of concrete legislative victories to point to.
Problem is, politics is about more than messaging. You wind up depriving yourself of concrete legislative victories to point to.
If the White House wants observers to view the independence of its Fed chair nominee as credible, it should tell cabinet secretaries to stop doing tv appearances promising the next Fed chair is going to cut interest rates.
(To say nothing of the fact it's not the chair's decision alone to make.)
(To say nothing of the fact it's not the chair's decision alone to make.)
LUTNICK: NEW FED CHAIR WILL BRING DOWN INTEREST RATES
December 18, 2025 at 8:28 PM
If the White House wants observers to view the independence of its Fed chair nominee as credible, it should tell cabinet secretaries to stop doing tv appearances promising the next Fed chair is going to cut interest rates.
(To say nothing of the fact it's not the chair's decision alone to make.)
(To say nothing of the fact it's not the chair's decision alone to make.)
“Brought to you by Bank of America”
CNN has a show with a similar line. That the problem with this country is we just aren’t talking to each other.
It’s the kind of diagnosis that a toddler would land on.
It’s the kind of diagnosis that a toddler would land on.
December 18, 2025 at 6:15 PM
“Brought to you by Bank of America”
Reposted by graham steele
SCOOP: Prosecutors proposed 3rd felony charge against NY AG Letitia James & dropped rent allegations in indictment federal grand jury in Alexandria, VA voted down last week. DOJ asked magistrate judge to seal it, but he declined. w/ @hassankanu.bsky.social www.politico.com/news/2025/12...
Prosecutors tried and failed to add 3rd felony charge against Letitia James, court docs show
A judge refused the Justice Department’s bid to keep the failed indictment under wraps.
www.politico.com
December 18, 2025 at 4:45 AM
SCOOP: Prosecutors proposed 3rd felony charge against NY AG Letitia James & dropped rent allegations in indictment federal grand jury in Alexandria, VA voted down last week. DOJ asked magistrate judge to seal it, but he declined. w/ @hassankanu.bsky.social www.politico.com/news/2025/12...
Reposted by graham steele
State capitalism in action: Privately, many business leaders recoil from Trump’s intrusions, just as they deplore his attacks on the Federal Reserve and on law firms and media companies that cross him. Publicly, they are mostly silent, or even supportive.
CEOs Are Learning to Live With Trump’s Turn to State Capitalism
Some businesses have figured out how to take advantage of an expanded government presence in their boardrooms.
www.wsj.com
December 17, 2025 at 1:12 PM
State capitalism in action: Privately, many business leaders recoil from Trump’s intrusions, just as they deplore his attacks on the Federal Reserve and on law firms and media companies that cross him. Publicly, they are mostly silent, or even supportive.
Reposted by graham steele
WELLS DESK, on this report:
".. Blue Owl is up to its gills in data center exposure. .. lenders are getting stricter .. data center build outs now have another form of headwind that is not related to actual infrastructure build out but rather financial complexities .."
www.ft.com/content/84c1...
".. Blue Owl is up to its gills in data center exposure. .. lenders are getting stricter .. data center build outs now have another form of headwind that is not related to actual infrastructure build out but rather financial complexities .."
www.ft.com/content/84c1...
Oracle’s $10bn Michigan data centre in limbo after Blue Owl funding talks stall
Investment firm concerned about tougher debt terms and the risk of delays to the vast project
www.ft.com
December 17, 2025 at 2:21 PM
WELLS DESK, on this report:
".. Blue Owl is up to its gills in data center exposure. .. lenders are getting stricter .. data center build outs now have another form of headwind that is not related to actual infrastructure build out but rather financial complexities .."
www.ft.com/content/84c1...
".. Blue Owl is up to its gills in data center exposure. .. lenders are getting stricter .. data center build outs now have another form of headwind that is not related to actual infrastructure build out but rather financial complexities .."
www.ft.com/content/84c1...
Reposted by graham steele
As anxiety over an artificial-intelligence bubble reached a fever pitch in recent months, no Wall Street bank helped the industry power past the noise like Morgan Stanley
Morgan Stanley Climbs Debt Rankings as Go-To Bank for AI Bonanza
As anxiety over an artificial-intelligence bubble reached a fever pitch in recent months, no Wall Street bank helped the industry power past the noise like Morgan Stanley.
bloom.bg
December 16, 2025 at 9:00 PM
As anxiety over an artificial-intelligence bubble reached a fever pitch in recent months, no Wall Street bank helped the industry power past the noise like Morgan Stanley
There are more men named Kevin than there are women under consideration to be the next Fed chair.
December 16, 2025 at 7:53 PM
There are more men named Kevin than there are women under consideration to be the next Fed chair.
Reposted by graham steele
“.. concern that the National Economic Council director is too close to the president, the sources said ..”
@cnbc.com
www.cnbc.com/2025/12/15/h...
@cnbc.com
www.cnbc.com/2025/12/15/h...
December 15, 2025 at 3:27 PM
“.. concern that the National Economic Council director is too close to the president, the sources said ..”
@cnbc.com
www.cnbc.com/2025/12/15/h...
@cnbc.com
www.cnbc.com/2025/12/15/h...
Reposted by graham steele
The Times looks at how Trump business interests overlap with SEC crypto cases in the second term. NYT finds that the SEC inherited 23 crypto cases, of which 14 were dropped, frozen, settled, or conceded. All of those had Trump ties. None of the remaining nine cases do www.nytimes.com/2025/12/14/u...
December 14, 2025 at 2:42 PM
The Times looks at how Trump business interests overlap with SEC crypto cases in the second term. NYT finds that the SEC inherited 23 crypto cases, of which 14 were dropped, frozen, settled, or conceded. All of those had Trump ties. None of the remaining nine cases do www.nytimes.com/2025/12/14/u...
Reposted by graham steele
Bloody hell, the SEC’s Caroline Crenshaw is not leaving the organisation quietly.
She says there is a “rapacious” appetite to deregulate, and warns that “the darkest depths of winter still lie ahead for America’s capital markets”. www.ft.com/content/7027...
She says there is a “rapacious” appetite to deregulate, and warns that “the darkest depths of winter still lie ahead for America’s capital markets”. www.ft.com/content/7027...
December 12, 2025 at 10:30 AM
Bloody hell, the SEC’s Caroline Crenshaw is not leaving the organisation quietly.
She says there is a “rapacious” appetite to deregulate, and warns that “the darkest depths of winter still lie ahead for America’s capital markets”. www.ft.com/content/7027...
She says there is a “rapacious” appetite to deregulate, and warns that “the darkest depths of winter still lie ahead for America’s capital markets”. www.ft.com/content/7027...
Reposted by graham steele
Steph tunnel shots are so back
December 13, 2025 at 2:06 AM
Steph tunnel shots are so back
Reposted by graham steele
Beaten to the punch by @mattpeterson.bsky.social, but this backs up our piece from last week about concerns among bigwigs on Wall Street about the race for Fed chair www.ft.com/content/df10...
Jamie Dimon signals support for Kevin Warsh in Fed chair race
JPMorgan CEO says frontrunner Kevin Hassett would be more likely to back Donald Trump’s calls for interest rate cuts
www.ft.com
December 12, 2025 at 8:36 PM
Beaten to the punch by @mattpeterson.bsky.social, but this backs up our piece from last week about concerns among bigwigs on Wall Street about the race for Fed chair www.ft.com/content/df10...
Crypto can only survive long-term if it gets access to the publicly backed banking system.
In one fell swoop, the OCC—the regulator for national banks—just approved five (5) bank charter applications by crypto companies.
www.occ.gov/news-issuanc...
In one fell swoop, the OCC—the regulator for national banks—just approved five (5) bank charter applications by crypto companies.
www.occ.gov/news-issuanc...
December 12, 2025 at 5:01 PM
Crypto can only survive long-term if it gets access to the publicly backed banking system.
In one fell swoop, the OCC—the regulator for national banks—just approved five (5) bank charter applications by crypto companies.
www.occ.gov/news-issuanc...
In one fell swoop, the OCC—the regulator for national banks—just approved five (5) bank charter applications by crypto companies.
www.occ.gov/news-issuanc...
Reposted by graham steele
It is not! A “scrivener’s error” is for things like fixing typos or very minor non-material errors, not retroactively adding a deportation order that doesn’t current exist!
Is "correcting" a previous order like this a real thing?
December 12, 2025 at 1:50 PM
It is not! A “scrivener’s error” is for things like fixing typos or very minor non-material errors, not retroactively adding a deportation order that doesn’t current exist!
December 11, 2025 at 11:54 PM