Bernanke - global markets under "extraordinary stress"

Federal Reserve Chairman Ben Bernanke testifies on the state of the economy before the House Financial Services Committee on Capitol Hill in Washington in this February 27, 2008 file photo. Bernanke told the U.S. Congress on Tuesday that financial markets are under severe stress.

WASHINGTON (Reuters) - U.S. Federal Reserve Chairman Ben Bernanke told the U.S. Congress on Tuesday that financial markets are under severe stress and urged immediate action to buy up hundreds of billions of dollars worth of tainted mortgage assets.

"Despite the efforts of the Federal Reserve, the Treasury, and other agencies, global financial markets remain under extraordinary stress," Bernanke said in remarks prepared for delivery to the Senate Banking Committee that were obtained by Reuters.

"Action by Congress is urgently required to stabilize the situation and avert what could otherwise be very serious consequences for our financial markets and our economy," he said.