China weighs in on U.S. economyMore VideosLONDON (AP) -- U.S. Treasury Secretary Henry Paulson said Britain and the United States must overhaul their outdated banking regulatory systems.Paulson said in a speech that a system designed to give better advance warning of future economic turbulence is needed. Excerpts of the speech were released in advance Wednesday.
Paulson said the U.S. Federal Reserve needs sweeping powers to grant easier access to information on financial institutions.
Paulson held talks with British Prime Minister Gordon Brown and plans to meet Thursday with British Treasury chief Alistair Darling.
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