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After a 20-hour, all-night session, Senate and House negotiators agreed last Friday on a compromise financial reform bill meant to prevent future economic meltdowns. Just before the bill was being finalized, former SEC Chairman Arthur Levitt wrote a scathing op-ed in The Wall Street Journal, saying the bill was “bled dry of nearly every meaningful protection of investors.” Levitt headed the SEC from 1993 to 2001, leaving just before the accounting scandals of Enron and WorldCom erupted, and is now an adviser to Goldman Sachs and the Carlyle Group, a private equity firm.

As the dust settled last Friday, we checked in with Levitt to understand just why he believes the bill, as he says, “totally left investors in the dust.” Here are his thoughts on the topic.

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