This is a letter from Congressional Progressive Caucus Members to Nancy Pelosi and other members of Congress. It lays out the conditions for helping markets while helping regular citizens. It offers real progressive solutions. And they helped stop the Wall Street bailout with their no votes.

Below the letter is an article from the Los Angeles Times that gives the entire roll call for the vote on the Bailout bill on September 29, 2008. Locally, Nancy Boyda and Emanuel Cleaver voted NO for the Bailout Bill. Dennis Moore voted YES.

September 24, 2008

The Honorable Nancy Pelosi
Speaker
House of Representatives
H-232
U.S. Capitol

Dear Madame Speaker,

We understand the gravity of the financial crisis and profound adverse economic consequences confronting our nation . . .

and we believe that, for the good of all Americans, the Congress must put our national economic interest first. Accordingly, we must stay in session as long as it takes beyond our scheduled adjournment on September 26th to apply certain fundamental principles and carefully enact the best possible legislation to address the current financial crisis.

Now the Bush administration is orchestrating extreme pressure on Congress to hurriedly enact legislation to require American taxpayers to provide an additional $700 billion to bailout irresponsible Wall Street bankers and carefree, unregulated investors. We will not be stampeded into carte blanche support for this $700 billion blank check. Most importantly, we will insist that the immediate needs ofworking Americans be met and the long-term interests ofall U.S. taxpayers be protected, while striving to do all we can to help avoid a seizure of financial credit markets.

First and foremost, the same Wall Street speculators and investors who are principally responsible for having caused this avoidable financial crisis and profited from it must now be required to pay for it, not U.S. taxpayers. Should Congress move forward, this requirement must be an essential part ofany bailout bill (akin to a Progressive PAYGO requirement). That is why we support the enactment of a financial transaction tax equal to one quarter of one percent (0.25 of 1%) on all U.S. stock trades and more exotic transactions such as credit default swaps, options, and futures. This would raise approximately $150 billion/year. In addition, we should amend the tax code to prohibit the tax deductibility of executive compensation in any company where the highest paid corporate officer exceeds the compensation of any employee by a ratio of greater than 25: 1. This would raise tens ofbillions of dollars in additional revenue to help meet the costs ofthe extraordinary Wall Street bailout being proposed by U.S. Treasury Secretary Henry Paulson.

Second, the federal government and U.S. taxpayers, by extension, must be provided equity shares in any ofthe companies and financial institutions that benefit from the proposed bailout. This will help ensure a fair financial return for all taxpayers who will be contributing directly to the recovery of every one ofthe banks and financial companies now desperately seeking federal help.

Third, major bankruptcy reform must be included. As this bailout plan is implemented, assets are evaluated, and the financial sector rebounds, top priority must be given responsibly to helping current homeowners renegotiate their mortgages on manageable terms. It is ofparamount importance that this massive restructuring of the American home mortgage market be accomplished in such a way that the greatest number of American families possible be able to stay in their current homes or make good on their pending applications to obtain their first homes.

Fourth, it is also very important that the financial bailout legislation under development safeguard consumer rights, provide tough, independent oversight, and establish a transparent, effective, 21 st century regulatory regime for the financial industry in America that will prevent any future repetition ofthe current Wall Street calamity. To achieve these policy objectives, we urge consideration ofthe following provisions:

Consumer Rights
• Homeowner protection
• Loan modification authority for bankruptcy court judges
• Small business protection
• Inclusion of small and minority-owned business contracts and buy American
safeguards

Congressional Governrnental Oversight Role
• Enhanced regulatory oversight
• Real transparency

• Should Congress move forward, phased authorization of funds
* $100-$200 billion to start, with additional authorizations made as needed

• Approval Board, not Review Board
* Proactive board to approve transactions. Review board will be too late.
• Fast track for regulatory and corporate governance reform in the 111th Congress
* Guarantee up or down vote in both houses for any legislation dealing with corporate governance and/or financial services reform
• Reports to Congress

Regulation
• Homeowner's states' rights not preempted.
• Valuation
* Fair market value
* Equity stakes in these companies
* Clear definition of assets
• Redirect profits to affordable housing
• US investors only. No mortgage-related asset should be purchased unless it is established that such asset was owned
on September 20th, 2008, by an entity headquartered in the U.S.
• Obligation for firms to invest in the US
• Improve whistleblower protection for federal and financial industry employees

In conclusion, this financial rescue package and any subsequent federal rescue effort, if needed, will fail if the American people do not believe that Wall Street financiers and selfish speculators are made to pay for their own excesses and that they are being treated honesty and fairly, with taxpayers benefiting proportionately in good financial times, just as they are now being required to sacrifice disproportionately to overcome the difficult financial times now confronting our nation.

Sincerely,

Barbara Lee
Lynn Woolsey
Emanual Cleaver
Dennis Kucinich
Maxine Waters
Pete DeFazio
Donald Payne
Keith Ellison
John Conyers
Raul Grijalva
Pete Stark
Jan Schakowski
Hank Johnson
John Lewis
Hilda Solis

Cc: House Majority Leader Steney Hoyer
House Majority Whip James Clyburn
Chairman of House Democratic Caucus -Rahm Emanuel
Vice Chairman of House Democratic Caucus — John Larson

Link:
http://pdamerica.org/misc/financialbailout.pdf
http://cpc.lee.house.gov/uploads/09%2025%2008%20financial%20bailout%20letter%20to%20House%20Dem%20Leadership.pdf

House Roll Call: emergency rescue for the nation's financial system
By The Associated Press

12:52 PM PDT, September 29, 2008

The 228-205 roll call Monday of the vote by which the House rejected a $700 billion emergency bailout for the nation's financial system.

A "yes" vote is a vote in favor of the bailout package.

Voting yes were 140 Democrats and 65 Republicans.

Voting no were 95 Democrats and 133 Republicans.

X denotes those not voting.

There is 1 vacancy in the 435-member House.

Democrats — Cramer, Y; Davis, Y.

Republicans — Aderholt, N; Bachus, Y; Bonner, Y; Everett, Y; Rogers, Y.

Republicans — Young, N.

Democrats — Giffords, N; Grijalva, N; Mitchell, N; Pastor, N.

Republicans — Flake, N; Franks, N; Renzi, N; Shadegg, N.

Democrats — Berry, Y; Ross, Y; Snyder, Y.

Republicans — Boozman, Y.

Democrats — Baca, N; Becerra, N; Berman, Y; Capps, Y; Cardoza, Y; Costa, Y; Davis, Y; Eshoo, Y; Farr, Y; Filner, N; Harman, Y; Honda, Y; Lee, N; Lofgren, Zoe, Y; Matsui, Y; McNerney, Y; Miller, George, Y; Napolitano, N; Pelosi, Y; Richardson, Y; Roybal-Allard, N; Sanchez, Linda T., N; Sanchez, Loretta, N; Schiff, N; Sherman, N; Solis, N; Speier, Y; Stark, N; Tauscher, Y; Thompson, N; Waters, Y; Watson, N; Waxman, Y; Woolsey, N.

Republicans — Bilbray, N; Bono Mack, Y; Calvert, Y; Campbell, Y; Doolittle, N; Dreier, Y; Gallegly, N; Herger, Y; Hunter, N; Issa, N; Lewis, Y; Lungren, Daniel E., Y; McCarthy, N; McKeon, Y; Miller, Gary, Y; Nunes, N; Radanovich, Y; Rohrabacher, N; Royce, N.

Democrats — DeGette, Y; Perlmutter, Y; Salazar, N; Udall, N.

Republicans — Lamborn, N; Musgrave, N; Tancredo, Y.

Democrats — Courtney, N; DeLauro, Y; Larson, Y; Murphy, Y.

Republicans — Shays, Y.

Republicans — Castle, Y.

Democrats — Boyd, Y; Brown, Corrine, Y; Castor, N; Hastings, Y; Klein, Y; Mahoney, Y; Meek, Y; Wasserman Schultz, Y; Wexler, Y.

Republicans — Bilirakis, N; Brown-Waite, Ginny, N; Buchanan, N; Crenshaw, Y; Diaz-Balart, L., N; Diaz-Balart, M., N; Feeney, N; Keller, N; Mack, N; Mica, N; Miller, N; Putnam, Y; Ros-Lehtinen, N; Stearns, N; Weldon, Y; Young, N.

Democrats — Barrow, N; Bishop, Y; Johnson, N; Lewis, N; Marshall, Y; Scott, N.

Republicans — Broun, N; Deal, N; Gingrey, N; Kingston, N; Linder, N; Price, N; Westmoreland, N.

Democrats — Abercrombie, N; Hirono, N.

Republicans — Sali, N; Simpson, Y.

Democrats — Bean, Y; Costello, N; Davis, Y; Emanuel, Y; Foster, Y; Gutierrez, Y; Hare, Y; Jackson, N; Lipinski, N; Rush, N; Schakowsky, Y.

Republicans — Biggert, N; Johnson, N; Kirk, Y; LaHood, Y; Manzullo, N; Roskam, N; Shimkus, N; Weller, X.

Democrats — Carson, N; Donnelly, Y; Ellsworth, Y; Hill, N; Visclosky, N.

Republicans — Burton, N; Buyer, N; Pence, N; Souder, Y.

Democrats — Boswell, Y; Braley, N; Loebsack, Y.

Republicans — King, N; Latham, N.

Democrats — Boyda, N; Moore, Y.

Republicans — Moran, N; Tiahrt, N.

Democrats — Chandler, N; Yarmuth, N.

Republicans — Davis, N; Lewis, Y; Rogers, Y; Whitfield, N.

Democrats — Cazayoux, N; Jefferson, N; Melancon, Y.

Republicans — Alexander, N; Boustany, N; McCrery, Y; Scalise, N.

Democrats — Allen, Y; Michaud, N.

Democrats — Cummings, N; Edwards, N; Hoyer, Y; Ruppersberger, Y; Sarbanes, Y; Van Hollen, Y.

Republicans — Bartlett, N; Gilchrest, Y.

Democrats — Capuano, Y; Delahunt, N; Frank, Y; Lynch, N; Markey, Y; McGovern, Y; Neal, Y; Olver, Y; Tierney, N; Tsongas, Y.

Democrats — Conyers, N; Dingell, Y; Kildee, Y; Kilpatrick, N; Levin, Y; Stupak, N.

Republicans — Camp, Y; Ehlers, Y; Hoekstra, N; Knollenberg, N; McCotter, N; Miller, N; Rogers, N; Upton, Y; Walberg, N.

Democrats — Ellison, Y; McCollum, Y; Oberstar, Y; Peterson, N; Walz, N.

Republicans — Bachmann, N; Kline, Y; Ramstad, N.

Democrats — Childers, N; Taylor, N; Thompson, N.

Republicans — Pickering, Y.

Democrats — Carnahan, Y; Clay, N; Cleaver, N; Skelton, Y.

Republicans — Akin, N; Blunt, Y; Emerson, Y; Graves, N; Hulshof, N.

Republicans — Rehberg, N.

Republicans — Fortenberry, N; Smith, N; Terry, N.

Democrats — Berkley, N.

Republicans — Heller, N; Porter, Y.

Democrats — Hodes, N; Shea-Porter, N.

Democrats — Andrews, Y; Holt, Y; Pallone, Y; Pascrell, N; Payne, N; Rothman, N; Sires, Y.

Republicans — Ferguson, Y; Frelinghuysen, N; Garrett, N; LoBiondo, N; Saxton, Y; Smith, N.

Democrats — Udall, N.

Republicans — Pearce, N; Wilson, Y.

Democrats — Ackerman, Y; Arcuri, Y; Bishop, Y; Clarke, Y; Crowley, Y; Engel, Y; Gillibrand, N; Hall, Y; Higgins, Y; Hinchey, N; Israel, Y; Lowey, Y; Maloney, Y; McCarthy, Y; McNulty, Y; Meeks, Y; Nadler, Y; Rangel, Y; Serrano, N; Slaughter, Y; Towns, Y; Velazquez, Y; Weiner, Y.

Republicans — Fossella, Y; King, Y; Kuhl, N; McHugh, Y; Reynolds, Y; Walsh, Y.

Democrats — Butterfield, N; Etheridge, Y; McIntyre, N; Miller, Y; Price, Y; Shuler, N; Watt, Y.

Republicans — Coble, N; Foxx, N; Hayes, N; Jones, N; McHenry, N; Myrick, N.

Democrats — Pomeroy, Y.

Democrats — Kaptur, N; Kucinich, N; Ryan, Y; Space, Y; Sutton, N; Wilson, Y.

Republicans — Boehner, Y; Chabot, N; Hobson, Y; Jordan, N; LaTourette, N; Latta, N; Pryce, Y; Regula, Y; Schmidt, N; Tiberi, N; Turner, N.

Democrats — Boren, Y.

Republicans — Cole, Y; Fallin, N; Lucas, N; Sullivan, N.

Democrats — Blumenauer, N; DeFazio, N; Hooley, Y; Wu, N.

Republicans — Walden, Y.

Democrats — Altmire, N; Brady, Y; Carney, N; Doyle, Y; Fattah, Y; Holden, N; Kanjorski, Y; Murphy, Patrick, Y; Murtha, Y; Schwartz, Y; Sestak, Y.

Republicans — Dent, N; English, N; Gerlach, N; Murphy, Tim, N; Peterson, Y; Pitts, N; Platts, N; Shuster, N.

Democrats — Kennedy, Y; Langevin, Y.

Democrats — Clyburn, Y; Spratt, Y.

Republicans — Barrett, N; Brown, Y; Inglis, Y; Wilson, Y.

Democrats — Herseth Sandlin, N.

Democrats — Cohen, Y; Cooper, Y; Davis, Lincoln, N; Gordon, Y; Tanner, Y.

Republicans — Blackburn, N; Davis, David, N; Duncan, N; Wamp, N.

Democrats — Cuellar, N; Doggett, N; Edwards, Y; Gonzalez, Y; Green, Al, N; Green, Gene, N; Hinojosa, Y; Jackson-Lee, N; Johnson, E. B., Y; Lampson, N; Ortiz, N; Reyes, Y; Rodriguez, N.

Republicans — Barton, N; Brady, Y; Burgess, N; Carter, N; Conaway, N; Culberson, N; Gohmert, N; Granger, Y; Hall, N; Hensarling, N; Johnson, Sam, N; Marchant, N; McCaul, N; Neugebauer, N; Paul, N; Poe, N; Sessions, Y; Smith, Y; Thornberry, N.

Democrats — Matheson, N.

Republicans — Bishop, N; Cannon, Y.

Democrats — Welch, N.

Democrats — Boucher, Y; Moran, Y; Scott, N.

Republicans — Cantor, Y; Davis, Tom, Y; Drake, N; Forbes, N; Goode, N; Goodlatte, N; Wittman, N; Wolf, Y.

Democrats — Baird, Y; Dicks, Y; Inslee, N; Larsen, Y; McDermott, Y; Smith, Y.

Republicans — Hastings, N; McMorris Rodgers, N; Reichert, N.

Democrats — Mollohan, Y; Rahall, Y.

Republicans — Capito, N.

Democrats — Baldwin, Y; Kagen, N; Kind, Y; Moore, Y; Obey, Y.

Republicans — Petri, N; Ryan, Y; Sensenbrenner, N.

Republicans — Cubin, Y.

Link:
http://www.latimes.com/news/nationworld/politics/wire/sns-ap-house-rollcall-financial-meltdown,1,7067629.story