Steel Steps Down From Treasury Post
To Take Over at Struggling Wachovia
One of the key architects of the Bush administration's response to the mortgage crisis has left to run one of the banks that has been deeply damaged by that crisis. Robert K. Steel resigned as undersecretary at the Treasury Department yesterday and was named chief executive of Wachovia Corp., the nation's fourth-largest bank. Steel has been the administration's point man on a wide range of issues affecting financial markets and the banking system since joining the Treasury Department in 2006. He led the department's efforts to overhaul the way banks are regulated, and he has been involved in developing legislation to try to use government-backed loans to prevent foreclosures, which some analysts say would be a boon to banks.