A bit more on the Dodd-Frank Bill - where is Barney Frank now and what is he saying

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Five days ago, I had written about a new banking bill that was replacing the Dodd-Frank bill. Barney is no longer in public office - where he is should be of some interest. From The Washington Post

A lot of people heard what Barney Frank said about the new banking law. Few knew he works for a bank.
As Senate Democrats successfully pushed into law a plan that rolls back post-financial-crisis banking rules, Barney Frank was a go-to figure.

Frank, a former House Democrat from Massachusetts and author the 2010 “Dodd-Frank” banking rules that the new law scales back, said the plan left his rules largely in place. And though he said he would vote against the measure, Frank said it would not help the biggest Wall Street banks and denied it would increase the risks of another financial crisis.

Some more - Barney is no longer a Senator, what is he doing now:

But the proponents of the law rarely, if ever, mentioned that Frank is not just the author of the 2010 law, but also sits on the board of New York-based Signature Bank, a financial firm in position to benefit from the new legislation.

“When citing Barney Frank as the historic creator of Dodd-Frank, it’s important to flag he may have different motivations now as the public gauges whether these rollbacks are good for them or good for Wall Street,” said Lisa Gilbert, vice president of legislative affairs at Public Citizen, a government ethics watchdog.

And when asked:

In an interview, Frank acknowledged that Signature stood to benefit, but he said his role on the bank's board did not influence his thinking.

It is people like this who need to be weeded out from our Government - he put in his years of public service and is now being rewarded by the very industry he was supposed to be "regulating". Remember that the Dodd-Frank bill was 2,300 pages of pork and give-aways to special financial interests. The bill it replaced - The Glass-Steagall Act of 1933 - was 37 pages long. Had Glass-Steagal been enforced (preventing public banks from providing brokerage services to their customers), much of the 2007 melt-down would not have happened.

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About this Entry

This page contains a single entry by DaveH published on May 30, 2018 10:15 AM.

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