All articles tagged with #barney frank
Barney Frank, the former Massachusetts congressman and architect of Dodd-Frank, has entered hospice care in Maine and is preparing a book that repudiates the Democratic Party’s progressive wing, arguing that Democrats must explicitly reject far-left positions to win elections while reflecting on his legacy and continuing to influence policy debates, including his support for Maine Gov. Janet Mills in the Senate race.
The Federal Deposit Insurance Corp. announced that New York Community Bancorp’s Flagstar Bank will assume all of Signature Bank’s cash deposits except for those of crypto companies, confirming suspicions that regulators' seizure of Signature Bank was motivated by hostility towards crypto. Barney Frank alleged last week that regulators seized Signature to send a message to get people away from crypto, and it increasingly appears that way. The FDIC denied requiring any buyer of Signature to give up all crypto business at the bank, but Reuters reported otherwise.
Former US Representative Barney Frank, who co-sponsored landmark reforms to banking regulation after the 2008 financial crisis, has defended taking a board seat at recently failed Signature Bank, saying he needed to make money. Frank made about $2 million in cash and stock sales from his work at Signature over the years. He joined the Signature board in 2015 and argued in favor of relaxing the banking regulations that were part of his landmark Dodd-Frank law. Signature Bank collapsed on Sunday, making it the third-largest banking failure in US history.
Barney Frank, former US Congressman and board member of Signature Bank, defended his role at the bank despite criticism over the bank's involvement with former President Trump. Frank stated that he needs to make money and that he has not violated any ethics rules. The controversy surrounding Signature Bank's ties to Trump has led to calls for boycotts and protests.