President Joe Biden on Monday nominated Graham Steele to be assistant Treasury secretary for financial institutions.
Mr. Steele is currently the director of the Corporations and Society Initiative at Stanford Graduate School of Business, a "research initiative that examines issues at the intersection of markets, business and government to promote more accountable capitalism and governance," according to a White House brief. Prior to that post he worked on the Federal Reserve Bank of San Francisco staff.
From 2015 to 2017, Mr. Steele served as minority chief counsel for the Senate Banking Committee, and from 2010 to 2015 he was a legislative assistant for Sen. Sherrod Brown, D-Ohio, the current chairman of the banking committee.
If confirmed by the Senate, Mr. Steele would coordinate Treasury's efforts on financial institutions legislation and regulation, legislation affecting federal agencies that regulate or insure financial institutions and securities markets legislation and regulation, according to a Biden administration transition memo describing the position.
Sen. Elizabeth Warren, D-Mass., welcomed Mr. Steele's nomination. He's a "strong choice" for the role, Ms. Warren said on Twitter, "Who will help put in place tough rules to protect our financial markets and hold big financial institutions accountable."