Wednesday, June 19, 2024

Co-Author Of Dodd-Frank Inextricably Linked To Failed Bank


In 2018, former Rep. (D) lobbied heavily for changes to his signature legislative accomplishment — the Wall Street Reform and Consumer Protection Act.

Frank retired from Congress five years before but was still active in the private sector.

As a board member of the now-bankrupt .

After receiving over $1 million as a Signature board member, Frank helped the 2018 bipartisan effort to weaken Dodd-Frank. The banking expert used his curriculum vitae to tear down the regulatory framework he put in place less than a decade before as the House Financial Services Committee chairman.

Reporting at the time on the endeavor's success, The Washington Post cited Frank, who “denied it would increase the risks of another financial crisis.”

American Liberty News' Norm Leahy chronicled on Monday how regulators seized control of and Signature Bank over the weekend, turning both over to the Federal Deposit Insurance Corporation (FDIC).

Frank's role in downplaying the risks is receiving fresh scrutiny, as