Barney frank looked disgusting12/27/2023 ![]() ![]() And I think this is the regulators - particularly, say, in New York - sending the message to banks, crypto is toxic stay away from it. The fact that - and it starts, if you notice, with FTX.įRANK: There was no problem for years. I think the cause of this problem was crypto. But they retain strong power to regulate. It said you wouldn't regulate a bank at $50 billion in assets the same way you wouldn't regulate a bank at several trillion. 2018 didn't say no regulation or weak regulation. And I can tell you personally there was no diminution of regulation. But secondly, I was on the board of Signature both before and after.įRANK. So whatever the regulator in New York decided to do could have been done before. Their authority was in no way affected by the 2018 increase in the level of banks subject to the closest supervision. The regulator who took the lead in closing Signature Bank was the financial regulator appointed for the state of New York. But, no, I don't think there is any sign that the rollback caused the problem in the first place. I didn't like that whole bill because there were parts of it in the housing discrimination and the like. Are you having second thoughts about that now?įRANK: No, I disagree. SUMMERS: In an op-ed for The New York Times, Senator Elizabeth Warren says that the recent bank failures - and I'm quoting here - "are the direct result of leaders in Washington weakening the financial rules." And she is talking there specifically about the rollback of parts of your legislation, which was designed to avoid another financial crisis like the one in 2008. 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. Former Congressman Barney Frank is uniquely positioned to weigh in on these collapses. The federal government deemed both Silicon Valley Bank and Signature Bank systemic risks to the financial system, and regulators moved to ensure depositors would be able to access their funds. Two banks have failed in the last few days. ![]()
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