Barney Frank, the author of landmark legislation meant to prevent bank collapses, defended his decision to join the board of now-closed Signature Bank by saying he 'need[ed] to make some money.”
Barney Frank, the author of landmark legislation meant to prevent bank collapses, defended his decision to join the board of now-closed Signature Bank by saying he "need[ed] to make some money.” Frank, who left Congress in 2013 and joined the bank’s board in 2015, was a key architect of the Dodd-Frank legislation, which sought to protect customers from banks' risky bets.
bank failure ever—by saying he needed to make money and didn’t want to become a lobbyist after leaving Congress. “I need to make some money,” he said. “I do it in part by writing. But I also do it by joining boards. Logically, I’m asked to join boards on subjects with which I was identified.” He added that he didn’t think working for the bank detracted from his efforts to regulate the same institutions while in Congress.
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