Signature Bank Threw a Fundraiser for the Congressman Now Probing How It Failed

[kpete]

Oh snap

"Ten days before Signature Bank collapsed, the House Republican overseeing an inquiry into the bank's failure was inside its boardroom on New York's Fifth Avenue. Patrick McHenry was there to raise thousands of dollars from bank executives."

Link to tweet

?s=20
https://www.bloomberg.com/news/articles/2023-03-20/signature-threw-a-fundraiser-for-mchenry-just-before-it-crumbled?sref=h2AwP2mF

[wishstar]

1. Signature is the bank that loaned to Trump and Kushner and put Ivanka on the board for a while

so no surprise the executives support Repubs.

[Marcuse]

2. Barney Frank was on the Signature Board of Directors, argued for more regulation.

“I worked as a member of Congress for a certain objective,” Frank said in an interview with the Financial Times. “And then having retired, not having a pension by my choice, not wanting to be a lobbyist for reasons personal, I need to make some money.”

Frank joined the board of the bank in 2015, two years after he left Congress, and has made about $2 million in the role, according to the Financial Times. His career was capped by the Dodd-Frank regulation package that placed new restrictions on banks in the aftermath of the 2008 meltdown.

Frank has drawn particular scrutiny for publicly calling to increase the $50 billion threshold for banks receiving increased regulatory oversight during debate on changes to Dodd-Frank in 2018, a change that would have directly impacted Signature.

[link:https://thehill.com/business/3903318-barney-frank-defends-decision-to-join-signature-bank-board-before-failure/|