Graham Steele

Aug 1, 2024 | rooseveltinstitute.org | Graham Steele |Emily DiVito

Executive SummaryWhen the Biden administration took office, the United States government had a long to-do list for financial regulation. Part of it entailed reversing the Wall Street–friendly policies instituted by the previous administration (Steele 2019a). Another part consisted of unfinished business from the aftermath of the Global Financial Crisis (GFC) of 2007–09.

Jun 17, 2024 | washingtonmonthly.com | Graham Steele

Last month, a bipartisan majority of the House of Representatives passed a bill to deregulate the cryptocurrency industry. The Financial Innovation and Technology for the 21st Century or “FIT 21” Act passed with 71 Democratic votes and now heads to the Senate for consideration, where there appears to be bipartisan interest considering the measure. And while the White House released a statement of opposition, it did not threaten to veto the legislation.

Apr 1, 2024 | yalelawjournal.org | Kathryn Judge |Saule Omarova |Graham Steele

Banking law shapes the structure of the banking system, which in turn shapes the structure of the economy. One of the most significant ways that banking law in the United States traditionally sought to promote Brandeisian values of stability and decentralization was through a combination of carrots and sticks that enabled small banks across the country to thrive.

Mar 15, 2024 | washingtonmonthly.com | Graham Steele

One year ago, I was sitting in my office at the Treasury Department, where I served as a member of the department’s leadership overseeing our nation’s banking industry when we got word from our colleagues at the banking agencies that a large bank was facing imminent failure. Silicon Valley Bank, commonly known as SVB and headquartered almost 3000 miles from Washington, was little known to those outside the tech industry. Still, its collapse triggered panic throughout the U.S. financial system.

Mar 13, 2024 | lexblog.com | Graham Steele

In early February, several state and national banking trade associations filed suit in U.S. district court in Texas challenging the federal banking agencies’ first comprehensive updates to the regulations implementing the Community Reinvestment Act (CRA) in nearly three decades. Among other claims, the complaint argues that the CRA rule violates the U.S. Supreme Court’s newly formulated “major questions doctrine” because it addresses an issue of political or economic significance.