On October 3, 2008, H.R. 1424, the Emergency Economic Stabilization Act was passed into law with my support. While I am pleased that Congress came together at an important moment to reach a bipartisan compromise on how to rescue our financial markets, no one is celebrating the tough decisions that had to be made. I know that there are serious concerns about this law, but unfortunately, our economic situation required us to take quick and decisive action. If this was simply a Wall Street bailout, I would have been the first one to vote no. But our entire economy is in dire shape, and we had to act to avoid a domino effect, triggering 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.

I am committed to helping Rhode Island through this difficult time and ensuring that families like yours are our first priority. For this reason, I will continue to support extended unemployment benefits, infrastructure projects that will create jobs, funding for emergency food assistance, and provisions that further help homeowners. I assure you that my colleagues and I will be constantly monitoring our economic situation and will take further action as needed. In the meantime, the Democratic Leadership is committed to investigating the causes of this current crisis and developing solutions to avoid similar troubles in the future. I know that we have a rough road ahead, but America is a resilient nation and I am confident we will prevail over these challenges together.

Here is more information on the Emergency Economic Stabilization Act:

Why is this important for Main Street and working families?

When the credit market seizes up at the highest levels, it is not just a problem for Wall Street. It quickly impacts all of us. This legislation will ensure hardworking people will have access to financing for:

• Mortgages
• Auto loans
• Student loans
• Small business loans

What are the safeguards put in place to protect Main Street and working families?

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.

I am satisfied that this legislation is a vast improvement over the initial plan presented by Secretary Paulson, and it contains significant protections for families across the country who had nothing to do with creating this crisis but are feeling its effects in many ways. The Emergency Economic Stabilization Act of 2008 will:

• 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

What's the bottom line?

At its core, H.R. 1424 authorizes $700 billion for the Troubled Asset Relief Program that will allow the Treasury Department to buy distressed mortgage-backed securities, expiring on December 31, 2009. Of that total, $250 billion would be for immediate release, with another $100 billion upon a presidential certification of need. The final $350 billion could be made available if the president transmits a written report to Congress requesting the funds, and Congress would have the right to disapprove this last installment.

Spending authority would be overseen by a new Financial Stability Oversight Board, which will review the Treasury Department's actions and its effects on the financial markets and the housing market, and by a special inspector general office to conduct and supervise audits and investigations of the actions taken under this bill. Treasury must also report to Congress 60 days after it begins using this authority, and every 30 days thereafter.

If you have any other questions about the Troubled Asset Relief Program, you may visit the Treasury Deprtment website.

Recovery Rebates

In 2008, the Recovery Rebates and Economic Stimulus for the American People Act was signed into law and provided a recovery rebate to 130 million families nationally, including 35 million Americans who work and contribute to payroll taxes, but make too little to pay income tax. This measure also provided rebates to certain senior citizens and veterans. You may visit the IRS website or call the IRS at 1-800-829-1040 if you have questions regarding these payments.