April 16, 2023

Ep 117: From an Intervention by the Pope to Overhauling the US Financial System, SVB, Signature Bank & Trumplestilkin | Barney Frank (former US Congressman, Chairman of the US Financial Services Committee)

1 hour 17 minutes

Former US Congressman Barney Frank has been described by the New York Times as "one of the people most responsible for overhauling financial regulation after the 2008 economic crisis".

Little surprise, given that this acerbic politician was:

🔥 Member of the US House of Representatives (1981 - 2013)

🔥 Chairman of the House Financial Services Committee (2007 - 2011); and

🔥 Lead co-sponsor of the 2010 Dodd-Frank Act - which introduced the greatest Wall Street reform in history.

He hit the headlines again given the Silicon Valley Bank meltdown & ironically, his role as director at the now defunct Signature Bank.

❓ But how did Barney end up in the top echelons of politics?

❓ Why did the Pope have to intervene with his appointment to the US House of Representatives?

❓ How did staying silent about being gay impact him, and why did he decide to out himself in a Boston Globe article?

❓ How does he get along with his peers?

Specifically, in his own words, "You learn how to ingratiate yourself with them and how you can help them and make them value your friendship. And that becomes particularly important when you move up."

❓And what does he think of Trump (p/s Trumplestilskin) & the upcoming US Presidential Elections?

This episode is full of gems that we can apply to our own lives (even outside of politics).

So do give it a listen, and let us know what you think!

Highlights:

7:39 Obsession with politics
14:27 Anne Frank
15:50 Politics in the blood?
19:58 Campaigning in a Republican state
23:07 Enjoying the things he's very good at
24:20 1980 campaign was the toughest race
26:31 Intervention from the Pope?!
29:24 Congress is like "high school as a freshman"
30:53 Do the job well, but not TOO well
31:51 How do you become/stay popular?
35:34 How do you know what's happening on the ground?
38:20 The Boston Globe article
40:43 Being willing to sacrifice his political career
41:52 Why did Barney keep winning by wide margins?
44:34 Having empathy due to being closeted for so long
45:33 The average American isn't homophobic?!
47:44 Dodd-Frank Act
53:28 Could the Dodd-Frank Act have done more to prevent the SVB meltdown?
56:01 Challenges in raising the insurance limit on bank deposits
58:01 Disagreeing with Senator Elizabeth Warren that the Dodd-Frank Act is to blame
59:46 Crypto
1:00:57 Where's the banking crisis headed?
1:02:36 The 2024 US Presidential Elections, Trumplestilkin as the most self-destructive politician he's seen in awhile
1:05:13 How governments can encourage crypto innovation
1:06:19 A mistake to be the director of Signature Bank?
1:10:56 Was it a mistake to partially repeal the Dodd-Frank Act?

📍Show notes: https://www.sothisismywhy.com/117

💌 Weekly STIMY Newsletter that deconstructs how you build a portfolio career to prepare yourself for the future of work: https://sothisismywhy.ck.page/acd5bd1062

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By Ling Yah

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