Regulatory overhaul will not stop next crisis, say Levitt, Breeden

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.

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