(Warwick, R.I.) - Congressman Jim Langevin today voted for the Emergency Economic Stabilization Act of 2008, a proposal for addressing the crisis in the financial markets. The bill failed to pass.

“No one is happy about the tough decisions that were made today,” said Langevin. “Our economy is in dire shape and drastic action is needed. I firmly believe that we need to act soon to avoid a domino effect that could trigger major job losses and a significant period of economic downturn with negative consequences not just on Wall Street, but on every street in the country.

 “Over the last week hundreds of constituents have contacted my office expressing serious concerns about the proposal and a firm belief that the taxpayers’ needs must be a priority. I have heard their calls and believe that working to pass a rescue plan is essential for Rhode Island families. However, any proposed legislation must ensure hardworking people will have access to financing for mortgages as well as auto, student and small business loans. Just as importantly, Democrats must continue to fight to include strong protections for taxpayers, including strong oversight of the Administration, caps on executive compensation and equity in companies that later become profitable.”

“Going forward, we must ensure that our financial sector is no longer allowed to put ordinary Americans in danger by pursuing high-risk behavior with little to no oversight.”

Langevin believes any proposed financial rescue bill must:
• Reinvest in the troubled financial markets
• Reimburse taxpayers and make sure they share in any profits resulting from the government’s help
• Reform how business is done on Wall Street with strong independent oversight and transparency
• Limit excessive executive compensation
• Take action to prevent the foreclosures that are continuing to drive down home values

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