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)

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





Leave a review on STIMY:
https://podcasts.apple.com/gb/podcast/so-this-is-my-why/id1521191442