Separately, the Fed's governors said that they had granted the New York Fed licence to lend to Fannie and Freddie if necessary, against suitable collateral.
Separately the Philadelphia Fed index number came in at 3.2 for July, over the expectations for a 2.0 reading and well above the -7.7 reading the index measured for June.
Paulson and former New York Fed Chairman (and current Goldman Sachs board member) Stephen Friedman will join Treasury Secretary and former New York Fed president Timothy Geithner and others, though the three will appear separately.