Ahead of tonight's New Hampshire town hall, where Governor Huntsman will discuss his financial reform priorities, Jon Huntsman for President released a bold financial reform plan. His package protects taxpayers from future bailouts by fixing "Too Big To Fail," eliminates burdensome financial regulations that are hindering job creators, and increases marketplace transparency.
A Huntsman administration's top financial reform priorities would include: ending "Too Big To Fail," maximizing derivatives transparency, repealing Dodd-Frank, ending Wall Street's reliance on excessive short-term leverage, fixing BaseI, ensuring a stable monetary policy, and shutting down Fannie Mae and Freddie Mac.
"Capitalism without failure is not capitalism. In order to ensure no future bailouts, we must end 'Too Big to Fail,'" Huntsman said. "While my opponents pay lip service to ending bailouts, none have offered a plan that would fix the structural problems facing our financial system. Returning to the status quo alone is only a recipe for more abuse and bailouts."
Governor Huntsman continued: "Real financial reform requires breaking the cozy relationship between Wall Street and Washington that helped fuel the housing bubble, drove a series of bailouts, and prevented meaningful reform in the aftermath of the financial crisis. This cannot mean that the government plays a larger role in allocating credit. We need the market to work efficiently without the kinds of subsidies that encourage a build-up in dangerous amounts of borrowing and leverage anywhere in the economy.
"Americans have rightly lost trust in their institutions of power from Washington to Wall Street. We need real reform that ends crony capitalism, ends bailouts, and lets entrepreneurs get back to creating the jobs this country so desperately needs."