Former Rep. Barney Frank (D-MA), who famously co-authored the 2010 Dodd-Frank financial reform law in response to the 2008 financial crisis, served as a director of Signature Bank, which failed Sunday.
The former Democratic chairman of the House Financial Services Committee during the financial crisis helped draft the regulatory legislation, which aimed to prevent bank failures and bailouts such as those that happened in 2008.The Dodd-Frank financial reform law imposed new rules on banks along with creating new regulatory entities within the government for overseeing financial institutions.
"The vindication of the bill is that nobody is talking about anything like 2008,” Frank told Bloomberg. “If the bill hadn’t been passed, we’d be seeing a lot more damage these days. We got a lot of the vulnerability out of the system.” The collapse of New York-based Signature Bank came only two days after California-based Silicon Valley Bank was shut down by state regulators. Both banks were large regional banks in the size range that were exempted from some rules in the 2018 law.
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