Thats because Frank, architect of the Dodd. (Updates with Bloomberg Radio interview in bullet points at end. Barney Frank, a former House Democrat from Massachusetts, has been the subject of criticism since federal regulators took over Signature Bank on Sunday. “What do you do if you’re a business and you’ve got to meet a payroll that’s in the hundreds of thousands or millions?” “I’m not talking about rich individuals’ pocket money,” he said. should raise the insurance limit for business accounts, Frank said. Frank on large depositors: “They panicked, and fled,” because of Signature’s ties to crypto.“We didn’t cater to high tech - we catered to largely commercial lenders,” he said of Signature Bank.“We were singled out to be the poster child for that message.” The regulators “wanted to send a message to get people away from crypto,” Frank said.Here are some additional comments from a Bloomberg Radio interview with Frank on Monday: “The negative consequences of that have been unfortunate for some people, but are not systemically problematic.” The financial system is less vulnerable than it was back then, and while the crypto sector is hurting the banking industry, it won’t break it, he said. Barney Frank tells Financial Times, I need to make some money. Frank himself is a board member at Signature Bank, which had been pulling back from digital assets, and he said clients may have overestimated Signature’s exposure to crypto. Defending his role on the board of the failed Signature Bank, former Massachusetts Rep. and the seizure of SVB Financial Group’s Silicon Valley Bank. Signature Bank was closed by New York state financial regulators Sunday in a shocking third banking collapse in a week, after the failure of fellow crypto-friendly bank Silvergate Capital Corp. “A new and destabilizing – potentially destabilizing – element is introduced into the financial system. Jul 20, 2015By Brena Swanson Believe it or notBarney Frank set to join a bank board HW+. “Digital currency was the new element entered into our system,” the 82-year-old Frank said in an interview Sunday. Q&A on success of Dodd-Frank with its creators HW+. BARNEY FRANK (D-Mass.), of Dodd-Frank fame, sat on its board, and according to the Times, Signature lent money to JARED KUSHNER and helped finance Mr. (Bloomberg) - Barney Frank - the former congressman known for the Dodd-Frank Act, which overhauled US banking regulation to prevent another global financial crisis - said there was one thing lawmakers and regulators didn’t reckon with back in 2008: cryptocurrencies. ET Barney Frank the retired congressman who co-authored the Dodd-Frank Act to tighten bank regulations after the 2008 financial crisis is under fire.
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