FOR IMMEDIATE RELEASE:
Contact: Max Moran, moran@therevolvingdoorproject.org
In response to reporting that the Biden administration planned to nominate Graham Steele as Assistant Treasury Secretary for Financial Institutions, Revolving Door Project Personnel Team Director Max Moran issued the following statement:
“Graham Steele might be the best possible choice for this position, which is one of the most important in our financial regulatory system. Graham’s history fighting for the public against the predations of and systemic risks posed by Wall Street, and now the fossil fuel industry, speaks for itself. He has pioneered crucial policy thinking expansively about greening the financial system, and has a clear-eyed understanding of the dangers posed by the Big Three asset managers controlling more and more power over the financial markets. During his time as a Senate aide, he personally helped to formulate and pass the Dodd-Frank Act, giving him a deeper understanding than almost anyone of one of the most important and complex pieces of legislation in recent history.”
“All of this means that Graham not only has relevant experience, but also a proven track record of being on the public’s side, not the side of private interests, during bitter fights. That’s a distinction which much of Washington glosses over, but it’s the distinction that actually matters most to policy outcomes. With Graham at Treasury, we can trust that he’ll not only understand the issues facing our financial institutions, but will go to bat against the powerful for the sake of the powerless.”
Steele is currently the Director of the Corporations and Society Initiative at the Stanford Graduate School of Business. He is the author of, among other works, “A Regulatory Green Light: How Dodd-Frank Can Address Wall Street’s Role In The Climate Crisis” for the Great Democracy Initiative, and “The New Money Trust: How Large Money Managers Control Our Economy And What We Can Do About It” for the American Economic Liberties Project.
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PHOTO: “The US Treasury Department” by *rboed* is licensed under CC BY 2.0