Former Rep. Barney Frank (D-MA), author of the 2010 Dodd-Frank bill, sat on the board for Signature Bank which collapsed in the wake of the Silicon Valley Bank (SVB) implosion. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.”Silicon Valley Bank collapsed last Friday after depositors rushed to withdraw money in fear of its impending fall. Frank, who sat on Signature Bank’s board, strongly supported legislation in 2018 that curtailed some of the regulations that his own law Dodd-Frank put in place. “Signature Bank has more than $40 billion in assets and can now grow significantly without automatically facing additional regulation. When pressed at the time, Frank said while indeed stood to benefit from the rollback, his position at Signature Bank did not influence his decision.

Source: Washington Post March 13, 2023 23:11 UTC