WASHINGTON — Officials of the Federal Reserve, the Securities and Exchange Commission and the Treasury Department faced stark question about their respective roles and responsibilities in organizing the buy-out of Bear, Stearns by JPMorgan Chase three weeks ago.

Reacting to criticism that government agencies took quick action to save a Wall Street investment bank, risking taxpayer funds in the process, while allowing distressed homeowners to fend for themselves, officials defended the bailout as necessary to avert a greater breakdown in the financial market.

Timothy Geithner, president of the Federal Reserve Bank of New York, Christopher Cox, head of the SEC and Robert Steel of the Treasury faced tough questions from both Senators Charles Schumer (D-N.Y.) and Christopher Dodd (D-Conn.) on how the buy-out was structured and priced and if signs of trouble signs were seen too late. "Was someone asleep at the switch?" asked Schumer. "The alternatives could have been devastating," said Dodd. "But were there alternatives?"