Paulson: This may be a question of self-interest. Four years ago Senator John McCain spoke to us as the presumptive Republican nominee and he pledged then to support a federal law to help reporters protect confidential sources. Will you like Senator McCain support such legislation?

Romney: I haven't looked at that to be honest. And I want to give it consideration. I don't want to do what's politic and just say yes. I'll take a look at it. I have an unusual background, perhaps, for politics, and that was -- I'll describe a circumstance. We faced a decision in my state about whether to extend a line of our subway system. It was a very expensive decision. And my senior staff and a number of cabinet members and the head of our legal department came in and we've all met, we've gone through the pros and cons and we've decided that it's something we all endorse. They expected me to say fine, go ahead. And I said, does any one of you disagree with this? And they said no. And I said, I can't possibly make a decision to go ahead with the project unless I have someone in the room who vehemently opposes it. And the press is that viewpoint. So with regards to something of this nature I would want to hear the pros and cons. I imagine I could hear a lot of pros right here. I would like to hear if there are any cons and hear the back and forth. But after I've done so I'd be happy to give you an answer.

Paulson: I certainly respect that. I do wonder then, early in your remarks today you talked about you remember the good old days when there were multiple sources. You know, shield laws are all about giving reporters the right to talk to confidential sources and report stories that otherwise would have gone unreported. Do you see a role for confidential sources in American public life, in the press and in our view as a furtherance of democracy?

Romney: Do I see a role for confidential sources? Yes. Could I ever imagine a time when a source would need to be revealed? Yeah I can imagine that too. So I know that sounds like a conflict and that's why I'm going to have to give this a lot more thought and a lot more back and forth to understand which side of that I would finally come down on. But I'd want to hear from people in the industry, is there ever a time you would think a confidential source would be revealed or should be revealed, and if the answer is no I'd like to understand why that is the case and what the alternative is.