Just released: Federal Reserve Chairman Ben Bernanke's testimony before the Senate Banking Committee:

Despite the efforts of the Federal Reserve, the Treasury, and other agencies, global financial markets remain under extraordinary stress. Action by the Congress is urgently required to stabilize the situation and avert what otherwise could be very serious consequences for our financial markets and for our economy. In this regard, the Federal Reserve supports the Treasury's proposal to buy illiquid assets from financial institutions. Purchasing impaired assets will create liquidity and promote price discovery in the markets for these assets, while reducing investor uncertainty about the current value and prospects of financial institutions. More generally, removing these assets from institutions' balance sheets will help to restore confidence in our financial markets and enable banks and other institutions to raise capital and to expand credit to support economic growth.

Pretty mild stuff, given the stakes. I wonder what he told the congressmen in private last week that had them so terrified?

UPDATE: You can watch the hearing here at 9:30 a.m. ET.

... here's Paulson's testimony.