“I was sort of vindicated — they have not argued that we were insolvent.” Here, Barney Frank spoke with jenwieczner about why he blames regulators for unreasonably putting Signature Bank out of business and what he really thinks about banking crypto
, Frank argued back. Speaking from St. John, Frank explained why he blames regulators for unreasonably putting Signature Bank out of business and what he really thinks about banking crypto — and defended himself against critics who have accused him of switching sides.I don’t know. I’m not familiar with Silicon Valley Bank, so I can’t tell you. I can tell you from Signature’s part was that it triggered a run on deposits in our bank irrationally.
The closure of Signature Bank surprised a lot of people, because it didn’t initially seem affected by the run earlier this year at Silvergate, the California-based bank that primarily served the crypto industry. That’s why I speculate that using us as a poster child to say “stay away from crypto” was the reason.
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Dodd-Frank Act’s Barney Frank Was on Failed Signature Bank’s BoardRetired congressman Barney Frank, who helped pass strict financial regulations in the wake of the 2008 crash, was on the board of directors of New York’s Signature Bank, which was shut down over the weekend.
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Signature Bank could have stayed open: Dodd-Frank Act's Barney FrankRegulators didn't have to shutter Signature Bank, says Dodd-Frank Act coauthor Barney Frank, who helped oversee the lender: 'We could've continued'
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Barney Frank Pushed to Ease Financial Regulations After Joining Signature Bank BoardFormer Rep. Barney Frank co-sponsored the law that tightened banking regulations after the financial crisis. Since leaving office, he has been working the other side of the street—as a board member of Signature Bank, which regulators shut down Sunday.
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Barney Frank Under Fire for Downplaying Deregulation While Being Paid by Signature BankAfter he had received more than $1 million as a Signature board member, the architect of the Dodd-Frank banking regulations minimized the risks of weakening rules he helped enact post-2008 financial crisis.
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Former Rep. Barney Frank rips Signature Bank takeover as wrong moveA regulatory takeover of a New York-based bank was intended to send a message to U.S. banks to stay away from the cryptocurrency business, a former member of Congress who was on the bank's board says.
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Bank Board Member and Dodd-Frank Co-Sponsor Barney Frank Suspects 'Anti-Crypto' Message Behind Signature Bank Failure – Bitcoin News'I think part of what happened was that regulators wanted to send a very strong anti crypto message,' Frank explained during his interview.
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