Two masterminds of the post- 2008 Wall Street regulation system, Rep. Barney Frank and Senator Elizabeth Warren, yet again differ about what is causing banks to fold. While in office, Frank chaired the Committee for House Financial Services just as the global financial crisis hit and he wrote sweeping new rules for the financial sector. He also served as a member on the Board of the New York Signature Bank which was shut down recently.
Frank blames Signature’s fall on the crypto panic that started last year. His bank was one of the privileged few that served the industry. A bipartisan regulatory roll back ascented into law by former president Trump in 2018 was fueled by the desire to even the regulation of mid- sized banks like his own, though…
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