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![Chotiner: Why go work on the board of a bank?
Frank: Let me answer by quoting Sheila Bair, who was one of the toughest regulators ever. She was head of the F.D.I.C., and, when she went to the board of a Spanish bank, people said, “How can you, having been a regulator, go on a bank board?” She said, “Oh, are you saying that no one that believes in strong regulation should be on a bank board?” [In 2012, Bair wrote, in her book, “There should be a lifetime ban on regulators working for financial institutions they have regulated.”]
Chotiner: That’s the reason? You wanted to make sure it was regulated more strongly?
Frank: No, that’s the answer to, “Why are you doing this? It’s inconsistent.” No, I went on it, frankly, for two reasons. One: it paid well. I don’t have a pension and, having quit, I wanted to make some money. [Frank declined to participate in the congressional pension system.] Two: it is and has been the leading user of the low-income-housing tax credit in New York, one of the best in the country. Affordable housing and multifamily housing has been one of my greatest policy interests. I didn’t go there to regulate, but I didn’t think that my belief in regulation was a negative. In fact, I think it was a positive.
Chotiner: I understand that point in theory, as a debater’s point about Sheila—
Frank: It’s not a debater’s point. What’s the matter with you? You really believe that nobody who has regulatory experience should be on a bank board?](https://friend.camp/system/media_attachments/files/110/033/772/072/936/302/original/903122b18a25dcda.png "Chotiner: Why go work on the board of a bank?
Frank: Let me answer by quoting Sheila Bair, who was one of the toughest regulators ever. She was head of the F.D.I.C., and, when she went to the board of a Spanish bank, people said, “How can you, having been a regulator, go on a bank board?” She said, “Oh, are you saying that no one that believes in strong regulation should be on a bank board?” [In 2012, Bair wrote, in her book, “There should be a lifetime ban on regulators working for financial institutions they have regulated.”]
Chotiner: That’s the reason? You wanted to make sure it was regulated more strongly?
Frank: No, that’s the answer to, “Why are you doing this? It’s inconsistent.” No, I went on it, frankly, for two reasons. One: it paid well. I don’t have a pension and, having quit, I wanted to make some money. [Frank declined to participate in the congressional pension system.] Two: it is and has been the leading user of the low-income-housing tax credit in New York, one of the best in the country. Affordable housing and multifamily housing has been one of my greatest policy interests. I didn’t go there to regulate, but I didn’t think that my belief in regulation was a negative. In fact, I think it was a positive.
Chotiner: I understand that point in theory, as a debater’s point about Sheila—
Frank: It’s not a debater’s point. What’s the matter with you? You really believe that nobody who has regulatory experience should be on a bank board?")