Treasury Secretary Henry Paulson said that U.S. rulemakers should consider adopting "principles-based" regulations and accounting standards in a speech at the Capital Markets Competitiveness Conference.Paulson said that in particular, there should be a focus on three issues in the United States -- the country’s regulatory structure, its accounting industry and its legal and corporate governance environment.

While Paulson said that the principles behind, and most of the results of the Sarbanes-Oxley Act have been largely positive, there is still a need to be vigilant that the country’s markets remain the best in the world.

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