Treasury Secretary Henry Paulson pressed for swift changes to how the nation's financial system is regulated Thursday, most notably giving broader powers to the Federal Reserve following the dramatic near collapse of Bear Stearns in March.
Paulson promoted the reform plan he pitched in late March. This time, however, he stressed the need to act sooner rather than later in a speech given in Washington, D.C..
"We must dramatically expand our attention to the fundamental needs of our system, and move much more quickly to update our regulatory structure," Paulson said.
