The retired House Democrat known for introducing the Dodd-Frank Wall Street Reform act back in 2009 recently said he is “very supportive of banking.”
That was right after Frank was appointed to the board of directors of New York-based Signature Bank on Wednesday, the Wall Street Journal reported.
Frank was a linchpin in passing his name-sake post-crisis financial reform, which placed significant restrictions on bank activities. It aimed to make risk-taking behaviour more difficult for companies and shift power to the consumers.
During the interview with the Wall Street Journal, Frank said he liked Signature Bank’s business model because it didn’t include the financial products he found so troubling during the crisis.
“They don’t get involved with exotic derivatives and credit default swaps,” he said.
Signature works primarily with privately-owned businesses, and has posted good results, even while other banks have struggled. According to the WSJ the bank posted its 22nd consecutive quarter of record earnings last quarter.
“I was flattered to be asked,” said Frank, who retired from congress in 2013 and became an author, public speaker and NBC contributor.