UPDATE 1-Bernanke to testify on market regulation July 10

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WASHINGTON, July 1 (Reuters) - Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson will testify on financial market regulation before the U.S. House Financial Services Committee on July 10, the panel said on Tuesday.

The hearing, the first in a series on the state of the financial regulatory system in the United States and abroad, will be held at 10 a.m. (1400 GMT) that day, the panel said.

The committee also said it plans to invite New York Federal Reserve Bank President Timothy Geithner and Securities and Exchange Commission Chairman Christopher Cox to testify as the series of hearings continues later this month and in the fall.

The hearings will focus on the adequacy of current powers of the Fed and other regulatory agencies to protect the financial system and taxpayers.

They will also address regulatory implications of providing investment banks access to the Fed's discount lending window, proposals for regulatory reform and the need for enhanced capital and reserve requirements for financial firms. (Reporting by Nancy Waitz; Editing by James Dalgleish)