An Inconvenient Truth For Potatobrain -- Barney Frank Lobbied To Ease Dodd-Frank in 2018.

quote:

---

Barney Frank Pushed to Ease Financial Regulations After Joining Signature Bank Board
Former congressman and co-sponsor of the Dodd-Frank bill says there is no evidence the change abetted bank’s failure
By Julie Bykowicz
March 13, 2023

WASHINGTON—Former Rep. Barney Frank co-sponsored the law that tightened banking regulations after the financial crisis, but 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.
...

Part of what then-President Donald Trump signed into law in 2018 raised the asset threshold to $250 billion, meaning Signature and other regional banks no longer needed to comply with the extra regulation set out in Dodd-Frank.

After the bill was signed, New York-based Signature more than doubled in size to $110 billion in assets, and $88.6 billion in deposits as of the end of 2022. The stricter requirements, had they been in place, might have prompted bank executives and their overseers to move more quickly to place the lender on sounder financial footing, some industry observers say.

Mr. Frank, who has earned more than $2.4 million in compensation from Signature Bank since 2015, rejected the idea that the regulatory change abetted to Signature’s collapse.

“Nobody has shown me any evidence of systemic or other kinds of fraud that would have been prevented” without the 2018 rollback, Mr. Frank said.

LINK

---