Yesterday, Rep. Jan Schakowsky was among the seven Illinois Democrats to vote in favor of the proposed $700 billion Wall Street bailout package.  What's interesting about her vote is that, on September 24, she and 15 other members of the House's progressive caucus signed a letter demanding better homeowner protections in the bill.  The large majority of this group ultimately voted against this bill.  Schakowsky, obviously, was an exception. 

Here's her explanation on the House floor prior to the vote:

Today we are saying “NO” to a blank check!   Congress cut in half the Administration’s automatic $700 billion, requiring Congressional review for future payments.  We are making sure that none of the CEO’s who have run their companies into the ground and created this mess will retire with a “Golden Parachute”.  We make sure that taxpayers get a share of the profits of participating companies, and require the next President to submit a plan to ensure that taxpayers are repaid in full by Wall Street.    We help prevent home foreclosures destroying our neighborhoods by allowing government to work with loan servicers on new mortgage terms. Finally, we ensure tough, independent oversight and transparency, including judicial review of the Treasury Secretary’s actions.

Unfortunately, because of the need to obtain bipartisan support to move a bill quickly, this bill is by no means perfect.  I believe that this legislation should have included bankruptcy protections and mandatory mortgage restructuring for homeowners in or at risk of foreclosure.  I believe that we need to crack down on the lobbying practices and stop campaign contributions from companies which are clearly too irresponsible to manage themselves.

I am extremely disappointed that, even as we address part of the economic crisis, we failed to enact a second economic stimulus that would immediately create jobs and put money in the pocket of middle class families and struggling state and local governments.  Unfortunately, the plan to extend unemployment compensation, increase food stamp and health care funding, and create jobs by rebuilding our infrastructure failed in the Senate last week.  This is clearly unfinished business.