![]() And he was one of the most progressive members of the House Democratic caucus. Barney Frank was someone who’d been in Congress for, I think, 27 years, all of them representing Massachusetts. Well, first of all, in his telling, he is not someone who has any particular interest or experience in bank regulation. Who was Frank when he becomes involved in the post-financial crisis regulatory work that defines his career? david enrich Oh, the toughest thing has been trying to get this connection established. This is obviously - I’m sure it’s been a tough week for you, yeah? barney frank david enrichĪnd ultimately, we decided to skip the fancy technology and just call him on a cell phone. Can you call me on a 617 number? david enrich We had some issues with, I think, his cell phone and his iPad, his iPhone. ![]() And we originally planned to do it by video chat. So I arranged to speak to him last Thursday. So I was really hoping to get a chance to ask him whether he thinks he made some wrong decisions along the way and whether he thinks the decisions he made in some ways contributed to the mess that we’re now in. A kind of hero-to-villain, perhaps, journey in a pretty short period of time. And so he’s gone from being the guy who created the rules to the guy who supported weakening them to the guy whose bank falls victim to this budding financial crisis. A lot of people are concerned that it’s one of the bellwethers that is setting off this global banking panic. And then right around the same time they started doing that, he joined the board of a bank that stood to benefit from those rules being weakened.Īnd a few years after that, now we’re in the present day, that bank was one of the first to fail. He began to support the plan to roll back some of those requirements. And that was a real landmark achievement that he had.Īnd then in the years to come, he kind of switched gears a little bit. So back in 2008, after the global financial crisis, he was one of the people most responsible for overhauling the system of financial regulation that was in place. Well, Barney Frank has been in the middle of so much that has been going on. Today, my colleague, David Enrich, talks to Frank about the banking crisis and the unexpected role that he played in it.ĭavid, as you have been sorting through the causes and the fallout of this banking crisis that we are still very much in the middle of, why is it that you wanted to talk to former Congressman Barney Frank? david enrich Now, because of what he’s done since, many are asking if Frank helped cause another financial crisis. When he retired from Congress, Barney Frank’s legacy was a piece of legislation designed to prevent another financial crisis. michael barbaroįrom “New York Times,” I’m Michael Barbaro. Please review the episode audio before quoting from this transcript and email with any questions. While it has been reviewed by human transcribers, it may contain errors. This transcript was created using speech recognition software. And one of the rules’ creators supported loosening them. Transcript Barney Frank on His Role in the Banking Crisis Looser financial requirements contributed to the failure of Signature and Silicon Valley banks.
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