Former Rep. Barney Frank who chaired the House Financial Services Committee in the wake of the 2008 global financial crisis and co-authored the Dodd-Frank Act to tighten bank regulations is currently facing heat over his role in the latest US banking disaster, which has so far seen two banks — The Silicon Valley and Signature – collapse with fears that more will follow.
Incidentally, the 82-year-old former Massachusetts lawmaker is on the board of directors at Signature Bank. The New York-based lender followed on the heels of SVB, being shut down by state regulators over the weekend.
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Frank partially blamed cryptocurrencies, which hadn’t existed when he and fellow lawmakers in Washington struggled to handle the collapse of Lehman Brothers in 2008. “Digital currency was the new element entered into our system,” Frank told Bloomberg. “A new and destabilizing — potentially destabilizing — element is introduced into the financial system. What we get are three failures.”
Barney Frank age
Barney Frank was born on March 31, 1940, in Bayonne, New Jersey, and is currently 82 years old.
Barney Frank net worth
Frank’s net worth was estimated by OpenSecrets to be between $619,024 and $1,510,000.. As the Independent Director of Signature Bank, the total compensation of Barney Frank at Signature Bank is $365,850.
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Barney Frank husband
After having unsuccessfully tried to deny his homosexuality for years by attempting to date women, Frank got married to Jim Ready, on July 7, 2012. Ready is a surfing enthusiast whom Frank met during a gay political fundraiser in Maine.
Barney Frank career
From 1981 to 2013, Barney Frank served as a member of the U.S. House of Representatives from Massachusetts. Frank served as chairman of the House Financial Services Committee from 2007 to 2011. Along with Chris Dodd, he was the leading co-sponsor of the 2010 Dodd–Frank Act. Prior to his time in the House of Representatives, Frank served in the Massachusetts House of Representatives from 1973 to 1981.
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Frank did not seek re-election in 2012 and was succeeded by fellow Democrat Joe Kennedy III. Frank’s autobiography, A Life in Politics from the Great Society to Same-Sex Marriage, was published in 2015.
Frank joined the board of directors of the New York-based Signature Bank on June 17, 2015.
Barney Frank controversies
In 1985, Frank had not come out as gay publicly. That year he hired Steve Gobie, a male prostitute, for sex, and they became “more friends than sexual partners.” Frank housed Gobie and hired him with personal funds as an aide, housekeeper, and driver and paid for his attorney and court-ordered psychiatrist. In 1987, Frank evicted Gobie after being advised by his landlord that Gobie kept escorting despite the support.
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Influenced by his friends, Gobie tried to sell the story of his relationship with Frank to The Washington Times, which prompted calls for an investigation. Frank asked the House Ethics Committee to investigate his relationship “in order to ensure that the public record is clear.” The Committee concluded that there was no evidence that Frank had known or been involved in the alleged illegal activity and dismissed all Gobie’s more scandalous claims.