Warren Buffet Talks Competitiveness And Regulation With Liz Claman

CNBC's Liz Claman and Berkshire Hathaway Chairman Warren Buffett sat down for an exclusive interview March 13 at a high-profile conference in Washington D.C. on the competitiveness of U.S. capital markets hosted by Treasury Secretary Henry Paulson. Buffett, known as the Oracle of Omaha for his investing acumen, was one of the many big-name business leaders who took part in two panels on the subject.

"American business is working pretty darn well' lauded Mr. Buffett when asked by Claman on what nugget he took away from this meeting of business executives and dignitaries of government.

When asked about how regulations such as Sarbanes-Oxley affect his company, Buffet replied,  "It's costs us a good many millions of dollars...there are real dollars involved.' But Buffett added that regulation might be a good thing in order to restore investor confidence after the scandals of the past decade.

Claman -- who interviewed Buffett at length in late 2006 -- also asked him about hedge fund regulation, the possible negative effect his succession may have on Berkshire Hathaway and executive compensation.