![]() We got a lot of the vulnerability out of the system. "If the bill hadn't been passed, we'd be seeing a lot more damage these days. He served on the board of Signature Bank, passed signature legislation following the 2008 financial collapse known as the Dodd-Frank Act and he chaired the House Financial Services Committee and joins me now. "The vindication of the bill is that nobody is talking about anything like 2008," Frank said. It was a seemingly unthinkable scene: Barney Frank, co-author of the Dodd-Frank Act, the radical overhaul of the banking system after the 2008 global. Former Congressman Barney Frank is uniquely positioned to weigh in on these collapses. Bernie Sanders on Sunday saying the partial rollback caused the SVB fiasco.įrank, for his part said he stands by the original regulation he co-authored. Later in 2018, President Donald Trump and Congress pared back some of those measures for regional banks, with Sen. In the wake of the 2008 financial crisis, Frank helped push through the Dodd-Frank Act, which entailed a radical overhaul of the bank regulations to prevent similar catastrophes. ![]() "I think the bank could've been a going concern." "We have a solid loan book, we're the biggest lender in New York City under the low-income housing tax credit," he told Bloomberg. But Frank maintained Signature was different. That also followed the closure earlier this month of Silvergate Capital, another crypto-friendly bank. Like Silicon Valley Bank, it had a huge amount of customer deposits that were not insured by the FDIC.įrank told the Wall Street Journal that Signature suffered a bank run of billions of dollars on Friday and that customers' concerns over Signature's crypto exposure spiked after SVB's collapse. ![]() He told me that he was scheduled to have a board meeting for Signature in New York the day before our. Regulators cited its potential for system risk. The board was dissolved, and Barney Frank was out of his job. The crypto-friendly Signature Bank was shut down Sunday, marking the third-largest bank failure in US history, after SVB. "I think that if we'd been allowed to open tomorrow, that we could've continued," Frank told Bloomberg on Sunday night. In an interview with Bloomberg, Frank maintained that Signature Bank was closed unnecessarily over the weekend. The former congressman also helped oversee Signature Bank as a member of its board of directors.įrank told Bloomberg that the lender could have continued operating.įormer Congressman Barney Frank, the co-author of the Dodd-Frank Act and a board member of Signature Bank, said regulators didn't have to shutter the bank he helped oversee. Regulators didn't have to close Signature Bank, said Barney Frank, coauthor of the Dodd-Frank Act.
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