President Biden plans to nominate Graham Steele, a long-time congressional staffer with ties to progressives, as assistant Treasury secretary for financial institutions
Mr. Steele is the director of the Corporations and Society Initiative at Stanford Graduate School of Business, which seeks to “promote more accountable capitalism and governance,” according to its website. He previously served as a staffer at the Federal Reserve Bank of San Francisco, and also worked at Public Citizen, a progressive watchdog group, before joining Mr. Brown’s staff in 2010.
In recent years, he has been a vocal proponent of treating climate change as a systemic risk to the financial system, and called on U.S. regulators to do more to confront the potential dangers, such as more frequent wildfires or droughts that threaten banks’ physical assets., he argued the 2010 Dodd-Frank law gave regulators broad power to use macroprudential regulation to address climate-related risks, including through the Financial Stability Oversight Council and the Federal Reserve.
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