Frank Defends Signature Bank Gig: ‘I Need to Make Some Money’

“I need to make some money,” former Rep. Barney Frank (D-MA) told the Financial Times while defending his role as a board member of Signature Bank, which was shut down by New York state regulators on Sunday.

Frank apparently had no regrets over his role, saying, “I worked as a member of Congress for a certain objective. 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. I do it in part by writing. But I also do it by joining boards. Logically, I’m asked to join boards on subjects with which I was identified.”

The Financial Times reported that Frank expressed disappointment with Signature Bank’s closure and was “chagrined because obviously people will say, ‘Oh, hey mister, you told everybody else how to run a bank and the bank you were helping run failed.’”

Signature Bank’s online profile of Frank highlights his former role as chairman of the House Financial Services Committee from 2007-2011 as professional bona fides.