'Too big to fail' failed

By TRICIA L. NADOLNY

Monitor staff

Last modified: 11/29/2011 12:00:00 AM

Jon Huntsman yesterday unveiled a new financial reform plan that rails against government bailouts and calls for an end to "too big to fail" policies.



"Capitalism without failure is not capitalism," Huntsman said in a release. "In order to ensure no future bailouts, we must end 'Too Big to Fail.' 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."



The plan includes the repeal of Dodd-Frank legislation, closing Fannie Mae and Freddie Mac and increasing transparency in the derivatives market. He also calls for stabilizing the value of U.S. currency by appointing Federal Reserve Board governors and a chairman "who believe in sound money."



"Americans have rightly lost trust in their institutions of power from Washington to Wall Street," Huntsman said. "We need real reform that ends crony capitalism, ends bailouts, and lets entrepreneurs get back to creating the jobs this country so desperately needs."





