Former New York Gov. Eliot Spitzer, who drove a crackdown on Wall Street before being brought down by scandal, said U.S. financial reform should target federal regulators as well as big banks.

"We have not reformed the system," Spitzer told the CBS "Early Show" on Monday. "We still have institutions that are too big to fail, institutions that have received billions … of taxpayer dollars are not investing that back into the system to create jobs for the future.

"We have a regulatory system that is utterly in disarray."

Spitzer’s comments came as President Barack Obama tries to revive a stalled push for stricter oversight of Wall Street, using the anniversary of Lehman Brothers’ collapse to argue for sweeping regulatory changes.

Spitzer said regulators, including the Securities and Exchange Commission and the Federal Reserve, failed to avert a financial meltdown last year, but not because they lacked power.

"The SEC had all the power it needed but chose not to use it," he said. "The Federal Reserve Bank had all the power it needed but they, perhaps most egregiously of all — the New York Fed in particular — utterly failed to do what needed to be done. And that was the problem.

"The hard part is what follows. And that is reforming the system and creating jobs. And in each of those critical areas, we are not doing well."

Spitzer, a Democrat, resigned as governor on March 17, 2008, after the government charged four people with running a high-priced prostitution ring. Spitzer was identified by The New York Times as a client.

No charges were filed against Spitzer, who was governor from January 2007 and the state’s top legal officer before that, with a reputation for cracking down on white-collar crime. His office also investigated trafficking of people for purposes of prostitution.

Spitzer was asked about speculation that he would again seek public office.

"I have said I’m not getting back into politics," he said.