Steel Pledges to Seek GSE Compromise

Robert Steel, the new Treasury under secretary in charge of policies and legislation on government-sponsored enterprises, has pledged to work with all key participants to get results."The reality is that success on these difficult issues will be characterized by collaboration and compromise," Mr. Steel said during a formal swearing-in ceremony. The new under secretary for domestic finance's first challenge will be to forge a compromise on long-stalled GSE legislation that strengthens the regulation of Fannie Mae and Freddie Mac. Treasury Secretary Henry Paulson called Mr. Steel the "ultimate team player" who is "always willing to subjugate his own ego to get something done." The two men were colleagues at Goldman Sachs. Mr. Steel was vice chair when he left the Wall Street firm in 2004, and Mr. Paulson was chairman.