Former U.S. Congressman and Dodd-Frank Namesake, Barney Frank, Joins Bank Board

In an unexpected turn of events, retired House Democrat, key architect of the financial crisis era legislation, and more important namesake of the 2010 Dodd Frank Wall Street Reform and Consumer Protection Act, Barney Frank has joined the board of directors of New York-based Signature Bank (SBNY), according to a company announcement on Wednesday.

“I like this business model in particular,” Mr. Frank said in a Wall Street Journal interview. “They don’t get involved with exotic derivatives and credit default swaps.” He also described himself as “very supportive of banking.”

According to Signature Bank, Frank will take over the seat of Alfred B. DelBello, who recently passed away. DelBello had served on the bank’s board since January 2003, and also was Lead Independent Director since December 2011.

"Barney and his background complement the talent on the Signature Bank board,” said Joseph J. DePaolo, Signature Bank President and CEO. “We all look forward to working together on behalf of the Bank and taking the institution to the next level."

Prior to his new board position, Frank served as a U.S. Congressman representing the 4th District of Massachusetts from 1981-2013 and also was Chairman of the House Financial Services Committee from 2007-2011, the release says. He worked to prioritize America’s spending budget and protect funding for important quality-of-life needs at home while in Congress and won reelection 16 times by double-digit margins

“We are gratified to welcome Barney to the board, which is particularly engaged and energetic,” said Scott A. Shay, Chairman of the Board at Signature Bank. “With a 32-year career devoted to government and his distinguished expertise in financial services, we believe Barney will be an asset to the board, bringing keen insights, far-reaching industry knowledge and vast intellect to his role as well as to our institution and the Bank's shareholders.”

The company also noted that as chair of the House Financial Services Committee, Frank helped come up with the short-term $550 billion rescue plan to aid the nation during the financial crisis.  After this, he co-sponsored the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, an extensive set of financial regulations aimed at preventing recurrence of the crisis that was signed into law in July 2010. Prior to his tenure in Congress, Frank spent eight years as a state Representative in Massachusetts and earlier, served as Chief of Staff to Congressman Michael Harrington and Chief Assistant to Mayor Kevin White of Boston.

"I very much look forward to serving in this important position with Signature Bank,” Frank said. “With the banking landscape constantly changing, and the ways in which regulations continue to affect both financial services entities and the overall industry, I am confident I can make a positive contribution to the Signature Bank board. As a commercial bank catering primarily to privately owned businesses, Signature Bank knows firsthand the importance small business plays in the health and vibrancy of our nation's economy. I am excited to be part of all this in my new capacity as board member and in working with the other directors and management."