12/9/2023 0 Comments Barney frank(Updates with Bloomberg Radio interview in bullet points at end. “What do you do if you’re a business and you’ve got to meet a payroll that’s in the hundreds of thousands or millions?” “I’m not talking about rich individuals’ pocket money,” he said. should raise the insurance limit for business accounts, Frank said. Frank on large depositors: “They panicked, and fled,” because of Signature’s ties to crypto.“We didn’t cater to high tech - we catered to largely commercial lenders,” he said of Signature Bank. Barney Frank, original name Barnett Frank, (born March 31, 1940, Bayonne, New Jersey, U.S.), American Democratic politician who served in the U.S.“We were singled out to be the poster child for that message.” The regulators “wanted to send a message to get people away from crypto,” Frank said.Let us not say that we will decide on a political basis at the national level that no State is competent to regulate the practice of medicine in that State if they decide to allow a doctor to prescribe marijuana, because that is what we are talking about. Here are some additional comments from a Bloomberg Radio interview with Frank on Monday: American - Politician Born: March 31, 1940. “The negative consequences of that have been unfortunate for some people, but are not systemically problematic.” The financial system is less vulnerable than it was back then, and while the crypto sector is hurting the banking industry, it won’t break it, he said. This comes after the swift and stunning collapse of two banks that prompted fears of a broader upheaval. President Joe Biden is telling Americans that the nation’s financial systems are sound. Frank himself is a board member at Signature Bank, which had been pulling back from digital assets, and he said clients may have overestimated Signature’s exposure to crypto. 1 of 9 A woman works at a branch of Signature Bank in New York, Monday, March 13, 2023. and the seizure of SVB Financial Group’s Silicon Valley Bank. Signature Bank was closed by New York state financial regulators Sunday in a shocking third banking collapse in a week, after the failure of fellow crypto-friendly bank Silvergate Capital Corp. “A new and destabilizing – potentially destabilizing – element is introduced into the financial system. “Digital currency was the new element entered into our system,” the 82-year-old Frank said in an interview Sunday. (Bloomberg) - Barney Frank - the former congressman known for the Dodd-Frank Act, which overhauled US banking regulation to prevent another global financial crisis - said there was one thing lawmakers and regulators didn’t reckon with back in 2008: cryptocurrencies.
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