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....
A few years ago, I wrote about the political and economic power of the Big Three asset managers, including BlackRock, and their influence over businesses and governments.
Their involvement in Ukraine takes these concerns to an international scale.
www.economicliberties.us/our-work/new...
Their involvement in Ukraine takes these concerns to an international scale.
www.economicliberties.us/our-work/new...
January 19, 2026 at 7:31 PM
A few years ago, I wrote about the political and economic power of the Big Three asset managers, including BlackRock, and their influence over businesses and governments.
Their involvement in Ukraine takes these concerns to an international scale.
www.economicliberties.us/our-work/new...
Their involvement in Ukraine takes these concerns to an international scale.
www.economicliberties.us/our-work/new...
I talked a bit about these dynamics in this @justsecurity.org post.
Other countries—even ostensible allies—can seek to turn the exorbitant privilege and the status of the US dollar into a strategic vulnerability.
www.justsecurity.org/125738/what-...
Other countries—even ostensible allies—can seek to turn the exorbitant privilege and the status of the US dollar into a strategic vulnerability.
www.justsecurity.org/125738/what-...
January 18, 2026 at 7:46 PM
I talked a bit about these dynamics in this @justsecurity.org post.
Other countries—even ostensible allies—can seek to turn the exorbitant privilege and the status of the US dollar into a strategic vulnerability.
www.justsecurity.org/125738/what-...
Other countries—even ostensible allies—can seek to turn the exorbitant privilege and the status of the US dollar into a strategic vulnerability.
www.justsecurity.org/125738/what-...
“Why not have oversight?” of the Fed’s building renovation the Treasury Secretary asks.
The Fed has an inspector general capable of doing that. It’s also subject to congressional oversight. There’s no reason for the DC US Attorney to open a *criminal investigation* other than intimidation.
The Fed has an inspector general capable of doing that. It’s also subject to congressional oversight. There’s no reason for the DC US Attorney to open a *criminal investigation* other than intimidation.
WELKER: Doesn't it undercut the independence of the Fed that the DOJ is investigating renovations? There are renovations at the White House
BESSENT: The renovations at the White House are not more than a billion over budget, and they're being paid for with private funds
BESSENT: The renovations at the White House are not more than a billion over budget, and they're being paid for with private funds
January 18, 2026 at 6:29 PM
“Why not have oversight?” of the Fed’s building renovation the Treasury Secretary asks.
The Fed has an inspector general capable of doing that. It’s also subject to congressional oversight. There’s no reason for the DC US Attorney to open a *criminal investigation* other than intimidation.
The Fed has an inspector general capable of doing that. It’s also subject to congressional oversight. There’s no reason for the DC US Attorney to open a *criminal investigation* other than intimidation.
Reposted by graham steele
A highly revealing profile, in really quite a few different ways:
The crisis whisperer: how Adam Tooze makes sense of our bewildering age
The long read: Whether it’s the financial crash, the climate emergency or the breakdown of the international order, historian Adam Tooze has become the go-to guide to the radical new world we’ve enter...
www.theguardian.com
January 16, 2026 at 5:10 PM
A highly revealing profile, in really quite a few different ways:
I'm sorry, what?
Kevin Hassett on Trump's 10% cap on credit card interest rates: "Our expectations is that it won't necessarily require legislation because there will be great new Trump Cards provided voluntarily by the banks."
January 16, 2026 at 5:32 PM
I'm sorry, what?
Reposted by graham steele
The biggest banks in America had a record year in 2025, with the 6 largest banks alone bringing in $593 billion in revenue.
Wall Street Powers Nation’s Biggest Banks to Record Year
Revenues were up across the board of the leading financial firms, with trading, banking and lending all busy.
www.wsj.com
January 15, 2026 at 7:54 PM
The biggest banks in America had a record year in 2025, with the 6 largest banks alone bringing in $593 billion in revenue.
Reposted by graham steele
The White House was also asked about the president's demand that credit card companies lower fees, and what he would do if companies don't comply.
Leavitt opened with a joke -- "Tariffs? No, I'm just kidding" -- before saying the president made a demand but had no "specific consequence" to share
Leavitt opened with a joke -- "Tariffs? No, I'm just kidding" -- before saying the president made a demand but had no "specific consequence" to share
January 15, 2026 at 6:38 PM
The White House was also asked about the president's demand that credit card companies lower fees, and what he would do if companies don't comply.
Leavitt opened with a joke -- "Tariffs? No, I'm just kidding" -- before saying the president made a demand but had no "specific consequence" to share
Leavitt opened with a joke -- "Tariffs? No, I'm just kidding" -- before saying the president made a demand but had no "specific consequence" to share
Reposted by graham steele
January 15, 2026 at 6:06 PM
Good for Barr. He connects the Powell subpoena to the earlier attempts to fire Lisa Cook, something I have not seen other Fed officials do.
January 15, 2026 at 4:23 PM
Good for Barr. He connects the Powell subpoena to the earlier attempts to fire Lisa Cook, something I have not seen other Fed officials do.
Reposted by graham steele
this was a pretty good bit but the comments fighting over some of the pronunciations is also funny youtu.be/FhC76xAq7oE?...
Three Guys from Boston (Matt Damon, Ben Affleck, Jimmy) Say Every Town and City in Massachusetts
YouTube video by The Tonight Show Starring Jimmy Fallon
youtu.be
January 15, 2026 at 12:59 PM
this was a pretty good bit but the comments fighting over some of the pronunciations is also funny youtu.be/FhC76xAq7oE?...
Reposted by graham steele
🚨Call for Papers: Wharton Financial Regulation Conference --
January 15, 2026 at 3:48 PM
🚨Call for Papers: Wharton Financial Regulation Conference --
Reposted by graham steele
$1 mil of volume 😳
January 15, 2026 at 3:35 AM
$1 mil of volume 😳
Reposted by graham steele
Breaking: DOJ investigating Denmark for mortgage fraud.
January 14, 2026 at 9:33 PM
Breaking: DOJ investigating Denmark for mortgage fraud.
Reposted by graham steele
Fed governor Stephen Miran—who in an unprecedented move refused to resign his White House job while serving on the Fed—was asked about threats to US institutions.
He replies that "institutions in the United States are very, very strong," and anyone who says otherwise is doing so "for clicks"
He replies that "institutions in the United States are very, very strong," and anyone who says otherwise is doing so "for clicks"
January 14, 2026 at 6:58 PM
Fed governor Stephen Miran—who in an unprecedented move refused to resign his White House job while serving on the Fed—was asked about threats to US institutions.
He replies that "institutions in the United States are very, very strong," and anyone who says otherwise is doing so "for clicks"
He replies that "institutions in the United States are very, very strong," and anyone who says otherwise is doing so "for clicks"
Governor Miran does not believe the Trump administration is meaningfully threatening Federal Reserve independence.
Relatedly, Miran is simultaneously serving on the Fed board and on unpaid leave from his position as a White House economic advisor.
www.wsj.com/economy/cent...
Relatedly, Miran is simultaneously serving on the Fed board and on unpaid leave from his position as a White House economic advisor.
www.wsj.com/economy/cent...
January 14, 2026 at 6:57 PM
Governor Miran does not believe the Trump administration is meaningfully threatening Federal Reserve independence.
Relatedly, Miran is simultaneously serving on the Fed board and on unpaid leave from his position as a White House economic advisor.
www.wsj.com/economy/cent...
Relatedly, Miran is simultaneously serving on the Fed board and on unpaid leave from his position as a White House economic advisor.
www.wsj.com/economy/cent...
Reposted by graham steele
Let your buyers become your criers when you pull the rug out from beneath the table of success: defector.com/let-your-buy...
Let Your Buyers Become Your Criers When You Pull The Rug Out From Beneath The Table Of Success | Defector
I have some unsurprising news: Former New York City Mayor Eric Adams launched a memecoin to combat antisemitism, and someone connected to the coin’s launch appears to have executed a clean rug pull…
defector.com
January 14, 2026 at 6:14 PM
Let your buyers become your criers when you pull the rug out from beneath the table of success: defector.com/let-your-buy...
Reposted by graham steele
Fed Kashkari still hating on crypto: "It's still basically useless for consumers. I mean, there's, there's nothing you can do with Bitcoin or a stablecoin that you can't already do with Venmo or with your traditional banking products, other than circumventing banking regulation."
January 14, 2026 at 5:38 PM
Fed Kashkari still hating on crypto: "It's still basically useless for consumers. I mean, there's, there's nothing you can do with Bitcoin or a stablecoin that you can't already do with Venmo or with your traditional banking products, other than circumventing banking regulation."
Reposted by graham steele
EISEN: Didn't you admit what Trump is doing to Powell is coercion?
CRAMER: It's no secret he would like Powell out. So would I. This would be an elegant way out
E: You think it'd be 'elegant' for Fed chair under threat of indictment to step down? That doesn't sound elegant
C: Ok. So you disagree
CRAMER: It's no secret he would like Powell out. So would I. This would be an elegant way out
E: You think it'd be 'elegant' for Fed chair under threat of indictment to step down? That doesn't sound elegant
C: Ok. So you disagree
January 14, 2026 at 4:59 PM
EISEN: Didn't you admit what Trump is doing to Powell is coercion?
CRAMER: It's no secret he would like Powell out. So would I. This would be an elegant way out
E: You think it'd be 'elegant' for Fed chair under threat of indictment to step down? That doesn't sound elegant
C: Ok. So you disagree
CRAMER: It's no secret he would like Powell out. So would I. This would be an elegant way out
E: You think it'd be 'elegant' for Fed chair under threat of indictment to step down? That doesn't sound elegant
C: Ok. So you disagree
Reposted by graham steele
“The escalation over the course of the past year is really about monetary policy,” Minneapolis Fed president Kashkari tells
@nytimes.com of the Trump administration’s threats against the central bank
www.nytimes.com/2026/01/14/u...
@nytimes.com of the Trump administration’s threats against the central bank
www.nytimes.com/2026/01/14/u...
A Top Fed Official Says the Trump Administration’s Threats Are ‘About Monetary Policy’
www.nytimes.com
January 14, 2026 at 2:50 PM
“The escalation over the course of the past year is really about monetary policy,” Minneapolis Fed president Kashkari tells
@nytimes.com of the Trump administration’s threats against the central bank
www.nytimes.com/2026/01/14/u...
@nytimes.com of the Trump administration’s threats against the central bank
www.nytimes.com/2026/01/14/u...
If central bankers can’t opine about central bank independence, then what can they opine about?
MIRAN SAYS NOT APPROPRIATE FOR CENTRAL BANKERS TO GET INVOLVED IN ISSUES IN OTHER COUNTRIES
January 14, 2026 at 4:36 PM
If central bankers can’t opine about central bank independence, then what can they opine about?
Reposted by graham steele
Sen. Kevin Cramer: "Maybe the point should be if you're the attorney for Jay Powell and you want to avoid an indictment, how about you go to Jeanine Pirro and say, 'I'll make a deal. I'll step down today if you drop the investigation today.' To me, that would be a win win for everybody."
January 13, 2026 at 9:21 PM
Sen. Kevin Cramer: "Maybe the point should be if you're the attorney for Jay Powell and you want to avoid an indictment, how about you go to Jeanine Pirro and say, 'I'll make a deal. I'll step down today if you drop the investigation today.' To me, that would be a win win for everybody."
To Steve’s point, one could substitute “mortgage” for “testimony” and this statement is as true of Cook as it is of Powell.
January 13, 2026 at 9:25 PM
To Steve’s point, one could substitute “mortgage” for “testimony” and this statement is as true of Cook as it is of Powell.
Reposted by graham steele
Worth pointing out: while Fed Chair Powell has called the DOJ criminal probe a “pretext” for a president who wants lower rates, he has largely declined to comment on the proceedings against Gov Cook. Many have called her firing similarly pre-textual. His comments on Sunday failed to mention Cook.
January 13, 2026 at 5:58 PM
Worth pointing out: while Fed Chair Powell has called the DOJ criminal probe a “pretext” for a president who wants lower rates, he has largely declined to comment on the proceedings against Gov Cook. Many have called her firing similarly pre-textual. His comments on Sunday failed to mention Cook.
Amazing timing for the former mayor of NYC to rug pull investors in his memecoin *three days* before the Senate is supposed to mark up a bill weakening crypto investor protections.
January 13, 2026 at 3:49 AM
Amazing timing for the former mayor of NYC to rug pull investors in his memecoin *three days* before the Senate is supposed to mark up a bill weakening crypto investor protections.
Reposted by graham steele
Clearly Bessent or his team want everyone to know that he tried to talk Trump out of the criminal investigation of Powell. www.axios.com/2026/01/12/b...
Scoop: Bessent told Trump that investigation of Fed chair creates a "mess"
"The secretary isn't happy, and he let the president know," one source familiar with Bessent's call to Trump told Axios.
www.axios.com
January 13, 2026 at 2:54 AM
Clearly Bessent or his team want everyone to know that he tried to talk Trump out of the criminal investigation of Powell. www.axios.com/2026/01/12/b...