Former Federal Reserve Chair Alan Greenspan appeared before lawmakers Thursday and admitted his long-held anti-regulation views are flawed. Speaking before the House Oversight and Government Reform Committee, Greenspan said he had erred in seeing markets as self-disciplining.

Alan Greenspan: “I made a mistake in presuming that the self-interest of organizations, specifically banks and others, were such as that they were best capable of protecting their own shareholders and their equity in the firms.”

During his Fed stint, Greenspan rejected a series of regulatory measures critics say could have helped prevent the economic crisis.