Chairman Bernanke and others testified about the recent actions of federal financial regulators attempting to prevent damage to global financial systems. Questioning centered on whether the Federal Reserve was justified in using $30 billion in federal money to assist the purchase of Bear Stearns by JP Morgan Chase. The unprecedented action occurred on a Sunday. Democrats wanted to know whether inside pressure was applied by the Bush administration.

Executives of Bear Stearns and JPMorgan Chase also testified about the history of the transactions and the effects on their companies.