![]() But the ex-lawmaker wasn't merely an uninterested bystander. The originator of the Dodd-Frank Wall Street Reform and Consumer Protection Act used his cachet as a presumed banking expert to legitimize a rollback of the very framework he helped enact in 2010 as chair of the House Financial Services Committee. ![]() To justify their decision, many of them pointed to Frank. Mark Warner (Va.), Joe Manchin (W.Va.), and Jon Tester (Mont.)-were integral to its passage. ![]() Elizabeth Warren (D-Mass.), a trenchant critic of the legislation, observed when it was moving through Congress, several Democrats-including Sens. Mike Crapo's (R-Idaho) Economic Growth, Regulatory Relief, and Consumer Protection Act. The GOP, however, wasn't alone in supporting Sen. Since federal regulators seized Signature's assets on Sunday-two days after they intervened to protect depositors amid the collapse of Silicon Valley Bank (SVB)-progressive critics have been quick to blame a deregulatory measure approved five years ago by the then-Republican-controlled Congress for engendering two of the three largest bank failures in U.S. That's because Frank, architect of the Dodd-Frank banking regulations implemented in the aftermath of the 2008 financial crisis, played a key role in whitewashing the bipartisan effort to weaken those rules in 2018-after he had received more than $1 million while serving on Signature's board following his departure from Congress. Barney Frank, a former House Democrat from Massachusetts, has been the subject of criticism since federal regulators took over Signature Bank on Sunday.
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