Today's Focus: Bernanke Speech, Bailout Hearing

Today, Fed Chairman Ben Bernanke is scheduled to give a big speech at the London School of Economics to discuss the Fed's decision last month to cut interest rates and the Fed's policy going forward in 2009. The speech is expected to begin at 8:00 a.m. Eastern Time.

In Washington, this morning, Obama appointee Steven Chu goes before the Senate for a confirmation hearing to become Secretary of Energy. That kicks off at 10 a.m.

And later this afternoon, Congress holds its first hearing into the Bush administration's request to receive the second half of the $700 billion rescue money approved by Congress last fall. The House Financial Services Committee kicks things off at 2 p.m.

Bush administration officials, who made the request for the funds at the urging of president-elect Obama, have a hard case to make before lawmakers, who are critical of the way the Treasury has spent and managed the first $350 billion of the money and are reluctant to give up the rest of the money without imposing some conditions.

Check back here for live updates throughout the day.

--Sara Goo