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....
Reposted by graham steele
*KALSHI IS SUBJECT TO NEVADA GAMING REGULATION, JUDGE RULES
NO MORE BETS
NO MORE BETS
November 25, 2025 at 8:24 PM
*KALSHI IS SUBJECT TO NEVADA GAMING REGULATION, JUDGE RULES
NO MORE BETS
NO MORE BETS
Reposted by graham steele
New: Rep. Eric Swalwell, a California Democrat and frequent critic of Donald Trump, filed a lawsuit on Tuesday claiming Federal Housing Finance Agency Director Bill Pulte abused his power to retaliate against the president’s political opponents
buff.ly/iAkiJsh
Complaint: buff.ly/CWDI351
buff.ly/iAkiJsh
Complaint: buff.ly/CWDI351
November 25, 2025 at 7:48 PM
New: Rep. Eric Swalwell, a California Democrat and frequent critic of Donald Trump, filed a lawsuit on Tuesday claiming Federal Housing Finance Agency Director Bill Pulte abused his power to retaliate against the president’s political opponents
buff.ly/iAkiJsh
Complaint: buff.ly/CWDI351
buff.ly/iAkiJsh
Complaint: buff.ly/CWDI351
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.
This is a fair critique. There’s a bad habit of selecting senior staff from other reserve banks to be reserve bank presidents, over people from the districts the banks represent.
Unfortunately, I think this administration is more interested in loyalists than fair representation.
Unfortunately, I think this administration is more interested in loyalists than fair representation.
Scott Bessent on CNBC this morning made sweeping criticisms of the regional Fed presidents. One scenario often discussed among analysts is that a Trump-controlled Fed board could decline to reappoint all the presidents when their terms expire at the end of February.
November 25, 2025 at 4:01 PM
This is a fair critique. There’s a bad habit of selecting senior staff from other reserve banks to be reserve bank presidents, over people from the districts the banks represent.
Unfortunately, I think this administration is more interested in loyalists than fair representation.
Unfortunately, I think this administration is more interested in loyalists than fair representation.
Reposted by graham steele
Today's new @publicenterprise.bsky.social report is a comprehensive analysis of the capital structure of the entire AI sector: data center real estate, GPU markets, private credit, you name it.
It's also a financial risk management framework for policymakers!
publicenterprise.org/report/bubbl...
It's also a financial risk management framework for policymakers!
publicenterprise.org/report/bubbl...
Bubble or Nothing
Policymakers concerned about the deployment of clean energy and compute-focused infrastructure over the long term need a framework for managing the uncertainty in the AI sector's investment landscape—...
publicenterprise.org
November 12, 2025 at 1:34 PM
Today's new @publicenterprise.bsky.social report is a comprehensive analysis of the capital structure of the entire AI sector: data center real estate, GPU markets, private credit, you name it.
It's also a financial risk management framework for policymakers!
publicenterprise.org/report/bubbl...
It's also a financial risk management framework for policymakers!
publicenterprise.org/report/bubbl...
Reposted by graham steele
An honor and dream come true to perform alongside Yo-Yo Ma, presented by Celebrity Series at Boston Symphony Hall. 💜
🎼Ave Maria (Bach/Gounod)
🎼Ave Maria (Bach/Gounod)
November 22, 2025 at 6:29 PM
An honor and dream come true to perform alongside Yo-Yo Ma, presented by Celebrity Series at Boston Symphony Hall. 💜
🎼Ave Maria (Bach/Gounod)
🎼Ave Maria (Bach/Gounod)
Reposted by graham steele
"We own these two stocks that attract the gullible and conspiracy-minded and were surprised to learn that many of those same investors have lots of exposure to bitcoin..."
November 21, 2025 at 6:37 PM
"We own these two stocks that attract the gullible and conspiracy-minded and were surprised to learn that many of those same investors have lots of exposure to bitcoin..."
Reposted by graham steele
New: A federal grand jury is asking questions about Ed Martin and Bill Pulte…
www.nbcnews.com/politics/jus...
www.nbcnews.com/politics/jus...
A federal grand jury is investigating the handling of the Adam Schiff criminal probe
A spokesperson for the Justice Department declined to comment, citing the secrecy of grand jury investigations.
www.nbcnews.com
November 20, 2025 at 7:34 PM
New: A federal grand jury is asking questions about Ed Martin and Bill Pulte…
www.nbcnews.com/politics/jus...
www.nbcnews.com/politics/jus...
Reposted by graham steele
For the umpteenth time, executive orders are not magic spells. They're just Truth Social posts on nicer stationary.
More
The WH is considering an executive order preempting state legislation on AI if the moratorium does not pass in the NDAA, according to a person familiar with the matter. However, a WH official said until such an order is announced, "discussion about potential executive orders is speculation."
The WH is considering an executive order preempting state legislation on AI if the moratorium does not pass in the NDAA, according to a person familiar with the matter. However, a WH official said until such an order is announced, "discussion about potential executive orders is speculation."
News: Democrats seeking to block Trump’s state AI moratorium from NDAA. Top SASC Dem Reed says he “absolutely” wants to keep it out but it might be kicked up to leadership negotiation
www.semafor.com/article/11/1...
www.semafor.com/article/11/1...
November 19, 2025 at 10:07 PM
For the umpteenth time, executive orders are not magic spells. They're just Truth Social posts on nicer stationary.
Reposted by graham steele
Trump on Jerome Powell: "He's got some real mental problems. There's something wrong with him. It's just ridiculous. I'll be honest, I'd love to fire his ass. He should be fired…and he should be sued."
November 19, 2025 at 6:25 PM
Trump on Jerome Powell: "He's got some real mental problems. There's something wrong with him. It's just ridiculous. I'll be honest, I'd love to fire his ass. He should be fired…and he should be sued."
In addition to the strangeness of the idea that UBS-a bank that used to have "Switzerland" in its name-would relocate to the US, the US Treasury has no business encouraging a race-to-the-bottom dynamic where banks try to play one country off the other to avoid regulation.
www.ft.com/content/fc27...
www.ft.com/content/fc27...
UBS chair talked to Scott Bessent about moving bank to US
Discussions came as Colm Kelleher tries to pressure Swiss government to back down over proposed capital rules
www.ft.com
November 17, 2025 at 5:11 PM
In addition to the strangeness of the idea that UBS-a bank that used to have "Switzerland" in its name-would relocate to the US, the US Treasury has no business encouraging a race-to-the-bottom dynamic where banks try to play one country off the other to avoid regulation.
www.ft.com/content/fc27...
www.ft.com/content/fc27...
The financial crisis led to the politics of our current moment. And yet elite failures in both the lead-up and response to the crisis remain under-examined and under-appreciated.
Very difficult to break the cycle without fully reckoning with that.
Very difficult to break the cycle without fully reckoning with that.
It's still wild to me how much we've memory holed Occupy Wallstreet.
November 16, 2025 at 3:53 PM
The financial crisis led to the politics of our current moment. And yet elite failures in both the lead-up and response to the crisis remain under-examined and under-appreciated.
Very difficult to break the cycle without fully reckoning with that.
Very difficult to break the cycle without fully reckoning with that.
Reposted by graham steele
Bessent on tariffs: "This is one of President Trump's signature policies, and traditionally the Supreme Court does not interfere with a president's signature policy."
November 16, 2025 at 3:21 PM
Bessent on tariffs: "This is one of President Trump's signature policies, and traditionally the Supreme Court does not interfere with a president's signature policy."
Reposted by graham steele
Days before the July 29-30 meeting, Kugler asked Powell for a waiver so that she could trade during the blackout period in order to get rid of impermissible holdings. That request was denied.
Ms. Kugler did not attend the meeting and on Aug 1 she resigned
Ms. Kugler did not attend the meeting and on Aug 1 she resigned
NEW: Adriana Kugler, who abruptly left the Fed, repeatedly violated the central bank’s trading rules.
New disclosures show trades in individual stocks, like Apple, Southwest Airlines and Cava, many of which took place during the blackout period ahead of policy votes www.nytimes.com/2025/11/15/b...
New disclosures show trades in individual stocks, like Apple, Southwest Airlines and Cava, many of which took place during the blackout period ahead of policy votes www.nytimes.com/2025/11/15/b...
Former Fed Official Violated Trading Rules, Disclosures Show
www.nytimes.com
November 15, 2025 at 4:58 PM
Days before the July 29-30 meeting, Kugler asked Powell for a waiver so that she could trade during the blackout period in order to get rid of impermissible holdings. That request was denied.
Ms. Kugler did not attend the meeting and on Aug 1 she resigned
Ms. Kugler did not attend the meeting and on Aug 1 she resigned
Suspect stock trading appears to have caused resignations of a Fed governor (Kugler) and regional bank president (Bostic).
These were individual failures but also institutional ones that affect the Fed’s credibility and independence by giving Trump inroads to influence the composition of the FOMC.
These were individual failures but also institutional ones that affect the Fed’s credibility and independence by giving Trump inroads to influence the composition of the FOMC.
NEW: Adriana Kugler, who abruptly left the Fed, repeatedly violated the central bank’s trading rules.
New disclosures show trades in individual stocks, like Apple, Southwest Airlines and Cava, many of which took place during the blackout period ahead of policy votes www.nytimes.com/2025/11/15/b...
New disclosures show trades in individual stocks, like Apple, Southwest Airlines and Cava, many of which took place during the blackout period ahead of policy votes www.nytimes.com/2025/11/15/b...
Former Fed Official Violated Trading Rules, Disclosures Show
www.nytimes.com
November 15, 2025 at 5:01 PM
Suspect stock trading appears to have caused resignations of a Fed governor (Kugler) and regional bank president (Bostic).
These were individual failures but also institutional ones that affect the Fed’s credibility and independence by giving Trump inroads to influence the composition of the FOMC.
These were individual failures but also institutional ones that affect the Fed’s credibility and independence by giving Trump inroads to influence the composition of the FOMC.
Reposted by graham steele
My paper with @vanloo.bsky.social and @lanemiles.bsky.social showing that more than 15% of US companies have potentially illegal interlocking board members is now published in the Columbia Law Review
columbialawreview.org/content/anti...
columbialawreview.org/content/anti...
ANTICOMPETITIVE DIRECTORS - Columbia Law Review
“The practice of interlocking directorates is the root of many evils. It offends laws human and divine.” — Justice Louis Brandeis. Introduction Antitrust law prohibits competing corporations from shar...
columbialawreview.org
November 14, 2025 at 7:08 PM
My paper with @vanloo.bsky.social and @lanemiles.bsky.social showing that more than 15% of US companies have potentially illegal interlocking board members is now published in the Columbia Law Review
columbialawreview.org/content/anti...
columbialawreview.org/content/anti...
Reposted by graham steele
NEW: The U.S. Chamber of Commerce and Eugene Scalia (Gibson Dunn) have gone to SCOTUS asking the justices to stop California's corporate disclosure climate bills (SB261 and SB253) from going into effect. The first of the two bills takes effect on Jan 1. The application is Docket No. 25A561.
November 14, 2025 at 5:24 PM
NEW: The U.S. Chamber of Commerce and Eugene Scalia (Gibson Dunn) have gone to SCOTUS asking the justices to stop California's corporate disclosure climate bills (SB261 and SB253) from going into effect. The first of the two bills takes effect on Jan 1. The application is Docket No. 25A561.
The FHFA is being corrupted in an attempt to help the president’s political agenda. But these efforts could well have the opposite of their intended effect by undermining confidence in the integrity of the US housing markets.
"Emails reviewed by The Associated Press show that Fannie Mae executives were unnerved about what one called the 'very problematic' disclosure of data by Lauren Smith, the company’s head of marketing, who was acting on Pulte’s behalf." apnews.com/article/fann...
Top Fannie Mae officials ousted after sounding alarm on sharing confidential housing data
A confidant of Bill Pulte, the Trump administration’s top housing regulator, provided confidential mortgage pricing data from Fannie Mae to a principal competitor.
apnews.com
November 14, 2025 at 1:45 AM
The FHFA is being corrupted in an attempt to help the president’s political agenda. But these efforts could well have the opposite of their intended effect by undermining confidence in the integrity of the US housing markets.
Reposted by graham steele
Atlanta Fed President Raphael Bostic will retire when his current five-year term expires at the end of next February.
Atlanta Fed President Bostic to Retire Ahead of Reappointment Process
The regional bank leader plans to step down when his current five-year term expires at the end of next February.
on.wsj.com
November 12, 2025 at 3:25 PM
Atlanta Fed President Raphael Bostic will retire when his current five-year term expires at the end of next February.
Reposted by graham steele
The I.R.S. Tried to Stop This Tax Dodge. Scott Bessent Used It Anyway. www.nytimes.com/2025/11/12/u...
The I.R.S. Tried to Stop This Tax Dodge. Scott Bessent Used It Anyway.
www.nytimes.com
November 12, 2025 at 11:22 AM
The I.R.S. Tried to Stop This Tax Dodge. Scott Bessent Used It Anyway. www.nytimes.com/2025/11/12/u...
Reposted by graham steele
WSJ: Fannie Mae watchdogs who were removed from their jobs had been probing if Trump appointee Bill Pulte had improperly obtained mortgage records of key Democratic officials, including New York Attorney General Letitia James.
www.wsj.com/finance/regu...
www.wsj.com/finance/regu...
November 11, 2025 at 9:00 PM
WSJ: Fannie Mae watchdogs who were removed from their jobs had been probing if Trump appointee Bill Pulte had improperly obtained mortgage records of key Democratic officials, including New York Attorney General Letitia James.
www.wsj.com/finance/regu...
www.wsj.com/finance/regu...
Reposted by graham steele
President Donald Trump will host financial industry executives for dinner Wednesday at the White House, according to two sources
Trump Plans Dinner With Jamie Dimon, Wall Street Executives
President Donald Trump will host financial industry executives for dinner Wednesday at the White House, according to two officials familiar with the plans, the latest effort by the administration to bring the country’s business elite behind his policies.
bloom.bg
November 12, 2025 at 8:00 AM
President Donald Trump will host financial industry executives for dinner Wednesday at the White House, according to two sources
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.