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....
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.
The book also illustrates how the creation of the national banking system was meant as a tool to finance the Union cause.
Important historical lessons there about the broader social role and purposes of finance, including private financial institutions.
Important historical lessons there about the broader social role and purposes of finance, including private financial institutions.
Finished Lowenstein's "Ways & Means" on the financial and tax reforms that won the Civil War for the Union—brilliant book that manages to make bond sales gripping & shows how many US institutions (land-grant colleges, Union Pacific, etc) we owe to wartime reforms
www.goodreads.com/review/show/...
www.goodreads.com/review/show/...
Joey Politano's review of Ways and Means
5/5: "The Yankees did not whip us in the field—we were whipped in the Treasury Department" bemoaned one Confederate officer. The man was half right, as the well-earned American victories on the battle...
www.goodreads.com
November 10, 2025 at 6:10 PM
The book also illustrates how the creation of the national banking system was meant as a tool to finance the Union cause.
Important historical lessons there about the broader social role and purposes of finance, including private financial institutions.
Important historical lessons there about the broader social role and purposes of finance, including private financial institutions.
Reposted by graham steele
November 10, 2025 at 3:56 PM
Reposted by graham steele
Some of the ethics staffers fired at Fannie Mae recently were looking into complaints against an ally of FHFA director Bill Pulte, @rachelsiegel25.bsky.social scoops: www.washingtonpost.com/business/202...
Housing official Bill Pulte fired ethics workers who were looking into his ally
The actions have also sowed uncertainty and undermined confidence in Federal Housing Finance Agency Director Bill Pulte across the housing finance industry.
www.washingtonpost.com
November 10, 2025 at 5:23 PM
Some of the ethics staffers fired at Fannie Mae recently were looking into complaints against an ally of FHFA director Bill Pulte, @rachelsiegel25.bsky.social scoops: www.washingtonpost.com/business/202...
Part of the gambit here seems to be a belief that Ds can win a *messaging war* that they care about health care costs and Rs don't.
Those aren't the only choices. The public could plausibly conclude the party cares about costs but lacks the commitment or competence to actually deliver.
Those aren't the only choices. The public could plausibly conclude the party cares about costs but lacks the commitment or competence to actually deliver.
November 10, 2025 at 5:26 PM
Part of the gambit here seems to be a belief that Ds can win a *messaging war* that they care about health care costs and Rs don't.
Those aren't the only choices. The public could plausibly conclude the party cares about costs but lacks the commitment or competence to actually deliver.
Those aren't the only choices. The public could plausibly conclude the party cares about costs but lacks the commitment or competence to actually deliver.
Reposted by graham steele
This seems significant.
"U.S. GDP growth in the first half of 2025 was almost entirely driven by investment in data centers and information processing technology, according to Harvard economist Jason Furman."
"U.S. GDP growth in the first half of 2025 was almost entirely driven by investment in data centers and information processing technology, according to Harvard economist Jason Furman."
Without data centers, GDP growth was 0.1% in the first half of 2025, Harvard economist says | Fortune
Is a U.S. without data centers a country without GDP growth?
fortune.com
November 10, 2025 at 3:26 PM
This seems significant.
"U.S. GDP growth in the first half of 2025 was almost entirely driven by investment in data centers and information processing technology, according to Harvard economist Jason Furman."
"U.S. GDP growth in the first half of 2025 was almost entirely driven by investment in data centers and information processing technology, according to Harvard economist Jason Furman."
Reposted by graham steele
Democrats badly need leadership who understands that their goal must be *winning* and delivering policies that improve people’s lives—not merely making something a “major factor.”
Durbin said critics of his vote “need to understand how the Senate works”
November 10, 2025 at 2:57 AM
Democrats badly need leadership who understands that their goal must be *winning* and delivering policies that improve people’s lives—not merely making something a “major factor.”
Reposted by graham steele
Republicans had predicted that Democrats would cave on the government shutdown as soon as the election was over because they were only keeping the standoff going to motivate their base.
A group of Senate Democrats give in and agree to a deal with Republicans that would reopen the government without a guarantee that ACA subsidies would be extended. Catie Edmondson @migold.bsky.social www.nytimes.com/live/2025/11...
Trump Administration Live Updates: Democratic Defectors Relent on Shutdown, Backing Bill to Reopen
www.nytimes.com
November 10, 2025 at 1:58 AM
Republicans had predicted that Democrats would cave on the government shutdown as soon as the election was over because they were only keeping the standoff going to motivate their base.
We’re going to be looking very strongly at the Packers and Stockyards Act of 1921.
So the story goes:
1-Trump sees high beef prices
2-Decides to quadruple Argentine imports
3-Gets condemned by ranchers saying that's not the problem
4-after being dogwalked, decides to do what the Biden admin was already doing on meatpackers (there's an active lawsuit)
1-Trump sees high beef prices
2-Decides to quadruple Argentine imports
3-Gets condemned by ranchers saying that's not the problem
4-after being dogwalked, decides to do what the Biden admin was already doing on meatpackers (there's an active lawsuit)
November 7, 2025 at 10:09 PM
We’re going to be looking very strongly at the Packers and Stockyards Act of 1921.
This is called being “Too Big to Fail.”
Even the CEOs of the biggest Wall Street banks know better than to explicitly state that they expect taxpayer bailouts.
Even the CEOs of the biggest Wall Street banks know better than to explicitly state that they expect taxpayer bailouts.
"I'm making billions, and, if it fails, taxpayers will bail me out"
November 7, 2025 at 8:27 PM
This is called being “Too Big to Fail.”
Even the CEOs of the biggest Wall Street banks know better than to explicitly state that they expect taxpayer bailouts.
Even the CEOs of the biggest Wall Street banks know better than to explicitly state that they expect taxpayer bailouts.
Reposted by graham steele
Victory coins for attendees at the Federalist Society convention citing major conservatives wins at the Supreme Court:
November 6, 2025 at 2:40 PM
Victory coins for attendees at the Federalist Society convention citing major conservatives wins at the Supreme Court:
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...
Reposted by graham steele
Earlier this week, I watched Sam Altman join Steve Kerr for a conversation about "innovation, leadership, and San Francisco," here's what they said (plus some stray thoughts on SF in the third tech boom) defector.com/an-evening-w...
November 5, 2025 at 5:57 PM
Earlier this week, I watched Sam Altman join Steve Kerr for a conversation about "innovation, leadership, and San Francisco," here's what they said (plus some stray thoughts on SF in the third tech boom) defector.com/an-evening-w...
It seems to me that, if one accepted the government’s arguments in the tariff case, a Democratic president would have a strong argument for using IEEPA to impose a financial transactions tax.
November 5, 2025 at 5:39 PM
It seems to me that, if one accepted the government’s arguments in the tariff case, a Democratic president would have a strong argument for using IEEPA to impose a financial transactions tax.
Reposted by graham steele
AOC: We have a future to fight for, and we're either going to do that together or you're going to be left behind. It's not about Progressive. It's not moderate, it's not liberal. This is about do you understand the assignment of fighting fascism right now? And the assignment is you come together…
November 5, 2025 at 3:24 AM
AOC: We have a future to fight for, and we're either going to do that together or you're going to be left behind. It's not about Progressive. It's not moderate, it's not liberal. This is about do you understand the assignment of fighting fascism right now? And the assignment is you come together…
This is no doubt meant to send a message to the justices, but a Treasury Secretary’s time is an extremely valuable commodity and this is a waste of it.
US treasury chief says he will be present at Supreme Court hearing on tariffs reut.rs/4oJzt90
US treasury chief says he will be present at Supreme Court hearing on tariffs
U.S. Treasury Secretary Scott Bessent said on Monday he would be present at the Supreme Court during a hearing this week on the legality of President Donald Trump's tariff policy that the treasury chief called a "matter of national security."
reut.rs
November 4, 2025 at 2:31 AM
This is no doubt meant to send a message to the justices, but a Treasury Secretary’s time is an extremely valuable commodity and this is a waste of it.
The @federalreserve.gov is expecting to cut about 30% of its workforce dedicated to bank supervision and regulation by the end of 2026.
This is in addition to its broader move to weaken the substantive regulations that apply to the banking industry.
www.bloomberg.com/news/article...
This is in addition to its broader move to weaken the substantive regulations that apply to the banking industry.
www.bloomberg.com/news/article...
Fed’s Bowman Moves to Reduce Bank-Supervision Unit By About 30%
The Federal Reserve’s top bank cop announced plans to reorganize the agency’s supervision and regulation division and shrink the unit’s staff by roughly 30%.
www.bloomberg.com
October 30, 2025 at 8:24 PM
The @federalreserve.gov is expecting to cut about 30% of its workforce dedicated to bank supervision and regulation by the end of 2026.
This is in addition to its broader move to weaken the substantive regulations that apply to the banking industry.
www.bloomberg.com/news/article...
This is in addition to its broader move to weaken the substantive regulations that apply to the banking industry.
www.bloomberg.com/news/article...
Reposted by graham steele
I’ve been talking with Ohio farmers. It turns out they don’t like their tax dollars bailing out the same country that undercut their harvest.
October 29, 2025 at 11:45 PM
I’ve been talking with Ohio farmers. It turns out they don’t like their tax dollars bailing out the same country that undercut their harvest.
A scenario that would have been unthinkable just a few months ago is now a topic at the FOMC presser.
Ha, Fed's Powell just got a question asking if any of the regional Fed presidents might get fired as part of the upcoming re-nomination process.
October 29, 2025 at 7:42 PM
A scenario that would have been unthinkable just a few months ago is now a topic at the FOMC presser.
Reposted by graham steele
Social Security Administration Commissioner Frank Bisignano’s move into government couldn’t have been better timed, helping the former Fiserv chief avoid hundreds of millions of dollars in losses from the company’s plunging stock price.
Frank Bisignano Ducks $300 Million Fiserv Loss With Move to Trump Role
Social Security Administration Commissioner Frank Bisignano’s move into government couldn’t have been better timed, helping the former Fiserv Inc. chief avoid hundreds of millions of dollars in losses from the company’s plunging stock price.
bloom.bg
October 29, 2025 at 7:30 PM
Social Security Administration Commissioner Frank Bisignano’s move into government couldn’t have been better timed, helping the former Fiserv chief avoid hundreds of millions of dollars in losses from the company’s plunging stock price.
Reposted by graham steele
Secretary Bessent already spent $20 billion bailing out Argentina — now he wants Wall Street to kick in $20 billion more, possibly guaranteed by taxpayers.
The big banks need to reject this deal.
Taxpayers shouldn’t foot the bill for Trump’s political favors.
The big banks need to reject this deal.
Taxpayers shouldn’t foot the bill for Trump’s political favors.
October 24, 2025 at 9:51 PM
Secretary Bessent already spent $20 billion bailing out Argentina — now he wants Wall Street to kick in $20 billion more, possibly guaranteed by taxpayers.
The big banks need to reject this deal.
Taxpayers shouldn’t foot the bill for Trump’s political favors.
The big banks need to reject this deal.
Taxpayers shouldn’t foot the bill for Trump’s political favors.
Reposted by graham steele
October 24, 2025 at 2:25 PM
Early 20th century "bucket shops" let people gamble on commodities but frequently defrauded them.
Federal law distinguishes legitimate trading from gambling prohibited under state anti-bucket shop laws. We're now in the process of collapsing that distinction, in effect creating modern bucket shops.
Federal law distinguishes legitimate trading from gambling prohibited under state anti-bucket shop laws. We're now in the process of collapsing that distinction, in effect creating modern bucket shops.
"DraftKings gets into the derivates market" is some grim shit www.politico.com/newsletters/...
October 23, 2025 at 6:15 PM
Early 20th century "bucket shops" let people gamble on commodities but frequently defrauded them.
Federal law distinguishes legitimate trading from gambling prohibited under state anti-bucket shop laws. We're now in the process of collapsing that distinction, in effect creating modern bucket shops.
Federal law distinguishes legitimate trading from gambling prohibited under state anti-bucket shop laws. We're now in the process of collapsing that distinction, in effect creating modern bucket shops.