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Treasury Secretary Henry Paulson said Tuesday a balance must be struck between ensuring the competitiveness of financial markets and protecting investors.

Paulson addressed a gathering of top business leaders and former government officials. The conference followed months of campaigning by American business for an easing of laws and regulations established after the Enron debacle.

Paulson said the laws and regulations have been, ‘’extensive and significant, so it is quite naturally taking time for companies to understand, process and implement the new rules and requirements.'’

However, he said, ‘’the principles behind them have been positive, as have many of the results.'’

Panelists included billionaire investor Warren Buffett, General Electric Co. Chairman Jeffrey Immelt, brokerage founder and CEO Charles Schwab, former Federal Reserve Chairman Alan Greenspan and New York Mayor Michael Bloomberg. Paulson and Christopher Cox, the chairman of the Securities and Exchange Commission, are serving as moderators.

NYT: Paulson Addresses Top Business Leaders