Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson are taking part in a Senate Banking Committee hearing today dealing with the financial crisis and the proposed rescue of the U.S. financial system.

Treasury Secretary Henry Paulson continued the recent PR blitz begun by Wall Street CEO's, claiming that as far as the credit crisis is concerned, "we're closer to the end than we are to the beginning."

Secretary of Treasury Paulson sees more economic difficulties ahead and says IMF needs to find better ways to monitor financial markets.

Treasury Secretary Henry Paulson unveiled his “blueprint” today towards the financial overhaul of the US economy and what parts the federal government would play. The financial overhaul will also include changes on the way mortgage loans are originated.