Former Securities and Exchange Commission Chairman Arthur Levitt blamed recent SEC actions for contributing to the credit crisis and urged legislators to expand fair value accounting.

In a Senate Banking Committee hearing on the genesis of the current market crisis, Levitt (pictured) praised past chairmen of the SEC such as William Donaldson and Richard Breeden, but said the SEC has failed to enforce the laws on the books in recent years, implicitly taking to task current Chairman Christopher Cox.

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