Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
WASHINGTON (AP) - Treasury Secretary Jack Lew says the world's biggest economies need to do more to bolster financial rules to avoid a repeat of the disastrous 2008 financial crisis.
Lew says he will use a February meeting in Australia of the Group of 20 major industrial countries to push other nations to overhaul their banking regulations. He says the administration's goal will be to "make sure that global banks meet the high standards we have set" in the United States.
The Treasury secretary says rules need to be revamped to prevent international banks from pursuing business in countries with lax regulations.
His comments come in a Washington speech Thursday in which he assesses the status of banking reform.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)