06/16/2010 09:33 am ET Updated May 25, 2011

Levitt, Breeden, Ex-SEC Chiefs: The Financial Reform Bill WOULDN'T Have Stopped The 2008 Crisis

une 16 (Bloomberg) -- Congress's proposed overhaul of U.S. bank regulation wouldn't have averted the 2008 financial crisis and does too little to prevent a recurrence, two former chairmen of the Securities and Exchange Commission said.

Legislation being refined by a House-Senate conference after passage by both chambers relies too heavily on regulators such as the Federal Reserve that previously failed, said Richard Breeden, who led the SEC from 1989 to 1993. Congress failed to address emerging threats, such as abuses in the municipal-bond market, that might trigger the next meltdown, said Arthur Levitt, who was SEC chairman from 1993 to 2001.