A center bearing assembly has an adjustable pneumatic support member for absorbing vibrations. The bearing assembly includes a bearing and a support member assembly that supports the bearing. The support member assembly includes a bladder having an interior chamber that is filled with a fluid. A bracket is provided that supports the support member assembly for pivoting movement relative thereto. A system is provided for controlling the magnitude of the fluid pressure within the interior chamber of the bladder. The system includes a plurality of sensors that generate signals that are representative of a plurality of operating conditions. A controller is responsive to the sensor signals and generates a signal to a pressure regulating device that controls the magnitude of the fluid pressure within the interior chamber of the bladder.