Bailout bill: How the region's senators voted

Sen. John Warner, R-Va.

Warner voted yes in what may prove to be his final major act in the Senate. He is retiring in January after five terms, and the Senate will be meeting only a few times before that.

Warner did not make a statement before the vote and was unavailable for comment later. His vote was foreshadowed last week when he said that he saw little alternative to asking taxpayers to bear the burden of a market rescue.

Sen. Jim Webb, D-Va.

Webb voted yes, saying in a statement issued later that his decision was "based on the reality that this legislation provides the only possible opportunity that will be offered in the Congress this year to address this situation."

Webb had avoided tipping his hand, but in a Senate speech Tuesday he called for several additions to the legislation rejected Monday in the House. He said the final bill includes much of what he sought.

"In particular, I am pleased that we included meaningful provisions to limit executive compensation and to give taxpayers the chance to share in any gains achieved through this legislation," he said. "These provisions will help to restore taxpayer confidence in our financial system and ease the credit crunch that threatens economic growth."

He also had urged that decisions about government purchases of troubled securities be shared by a three-member board rather than entrusted solely to the secretary of the Treasury, but that change wasn't included.

Sen. Richard Burr, R-N.C.

Burr voted yes, saying "the fundamental reason the Senate is compelled to act today is to stop an economic collapse of Main Street."

In a prepared statement, Burr said he was "very concerned and angry about the circumstances that have brought our country's economy to the brink" and called the vote "a sad day in our nation's history."

But Burr said the bill's failure would trigger "the worst economic state" in the nation's history. The plan has been improved in the Senate, he said, "with important protections for taxpayers, limits on executive compensation for Wall Street, and strong measures to ensure proper oversight and accountability."

Sen. Elizabeth Dole, R-N.C.

Dole voted no after releasing a statement denouncing the bailout as "a government takeover of our economy with no protection for taxpayers."

"I was against the Administration's original plan," she said. "I was against the bill that failed in the House. This latest revision is an improvement but still contains the flaws of the earlier proposals, and I will not support it."

Dole, who is in a battle for re-election, urged colleagues to "take the time to get this right."

She said lawmakers should act to ease credit markets by securing loans or creating a loan guarantee program rather than by purchasing securities. She also called for "a significant and immediate tax credit for purchasing a home" and said the Treasury secretary should be required to give Congress a report "on the future role of the federal government in the U.S. mortgage market."

Dale Eisman, (703) 913-9872, dale.eisman@pilotonline.com