This comes as no surprise to those of us who’ve been following the floundering Steele, and it speaks to just how rudderless the GOP is right now.

From Washington Times:

Capitulating to critics on the Republican National Committee, embattled Republican Party Chairman Michael S. Steele has signed a secret pact agreeing to controls and restraints on how he spends hundreds of millions of dollars in party funds and contracts, The Washington Times has learned.

The “good governance” agreement revives checks and balances Mr. Steele resisted implementing for RNC contracts, fees for legal work and other expenditures that were not renewed after the 2008 presidential nominating contest.

The agreement, proposed by several current and former RNC officials, goes further, making 33-year RNC veteran Jay Banning, who was fired by Mr. Steele along with his deputy last month, an on-call adviser to the RNC treasurer. Mr. Banning was seen as a trusted liaison to RNC members critical of Mr. Steele’s tenure and financial management.

The writing on the wall is clear. Steele is now a figurehead and little else. Because if he doesn’t have the ability to truly control the purse strings, he controls nothing in the GOP.

If I were him I’d quit and save myself further embarrassment. Besides, what’s he going to do after this besides become a lobbyist? Go back to Maryland and run for national office? Run for President? I find both scenarios unlikely and I’m sure most in the Republican party do too.

More as it develops…

Business Michael Steele Becomes Powerless RNC Chairman