WASHINGTON, March 13 (UPI) -- U.S. Treasury Secretary Henry Paulson announced sweeping regulatory changes Thursday meant to reign in the current credit market crisis.

But, he stressed there was "no silver bullet" that would correct all the market's current woes.

Speaking for the President's Working Group on Financial Markets, which represents the Treasury, the Federal Reserve Bank, and the Securities Exchange Commission, Paulson called for greater "transparency" from banks and stronger risk management regulations.

He also called for greater scrutiny of credit rating firms like Standard & Poor's and Moody's.

The mortgage crisis is thought to originate, in part, with independent mortgage brokers, who passed on mortgages to finance companies before they were repackaged and resold to investors around the world, The New York Times (NYSE:NYT) reported.