Graham Steele, JD ’06, has been confirmed by the U.S. Senate as Assistant Secretary of the Treasury for Financial Institutions. Mr. Steele’s confirmation received bipartisan support with a vote of 53-42 on November 16, 2021. President Biden nominated Mr. Steele for the position in July 2021.
In his capacity as Assistant Secretary of the Treasury for Financial Institutions, Mr. Steele will work with Treasury Secretary Janet Yellen on policies related to the regulation of activities of banks, securities broker-dealers, asset management companies, and other financial institutions doing business in the U.S. He will also support Secretary Yellen's work as Chair of the Financial Stability Oversight Council, which coordinates policy and planning among the various financial regulatory agencies, with a special emphasis on maintaining the stability of the nation’s financial system.
Mr. Steele is currently the Director of the Corporations and Society Initiative at Stanford's Graduate School of Business. After graduating from GW Law, Mr. Steele worked as policy counsel for Public Citizen before becoming a legislative assistant for Senator Sherrod Brown (D-OH), and later Minority Chief Counsel for the Senate Committee on Banking, Housing and Urban Affairs. He also worked at the Federal Reserve Bank of San Francisco, and as a Senior Fellow with the American Economic Liberties Project.
In a statement regarding Mr. Steele’s nomination, Sen. Brown stated, “This is an excellent choice by President Biden. Graham Steele spent his career fighting Wall Street greed – on the side of working families and consumers. I am confident that as Assistant Secretary, Mr. Steele will support the President’s fight to address income inequality, climate change, and systemic racism, and to make our economy more just for workers. I fully support his nomination and urge my colleagues to do the same,” said Sen. Brown.
Read more about Mr. Steele’s nomination and confirmation in Wall Street Journal and American Banker.