US Treasury Secretary Hank Paulson continued to beat the drum for lighter regulation as he opened a Washington conference on competitiveness, arguing for a "principles-based" system for the country's markets, similar to that used in the UK.

At the US Treasury's Capital Markets Competitiveness Conference, held at Georgetown University, Paulson said there had been a tendency for regulators "over many years" to expand on regulations, rather than to create a more efficient environment.