The U.S. government will create an advisory committee to improve the country's economic competitiveness, The Wall Street Journal reported on Friday.

The committee, which will recommend adjustments to how the U.S. accounting industry operates, including looking for ways to limit the liability of public accountants, is part of a broader set of steps that Treasury Secretary Henry Paulson's plans to outline next week, said the report.

Meanwhile, Paulson will take steps to reduce regulatory overlap, particularly for banking institutions that are currently subject to multiple regulators, according to the report.

He will also provide an update on the Treasury's attempt to address a legal system that he has said exposes market participants to "significant litigation risk," the report added.

Source: Xinhua