Arkansas' four congressmen on Monday voted for a $700 billion emergency rescue for the nation's financial system that was rejected by the House.

Arkansas' four congressmen on Monday voted for a $700 billion emergency rescue for the nation's financial system that was rejected by the House.
Reps. Marion Berry, John Boozman, Vic Snyder and Mike Ross said they were disappointed by the 228-205 vote to reject the bill. Berry, Snyder and Ross are Democrats. Boozman is the congressional delegation's sole Republican.
"This bill was not about bailing out Wall Street," Berry said. "It was about protecting the pensions and other investments of ordinary Americans, and to ensure that our farmers and small businesses are able to access credit to grow and keep Americans working."
Snyder said the bill's passage was needed to restore confidence in the nation's economy.
"I am concerned we did not pass this important legislation to rescue the U.S economy and protect the people in Arkansas. Short-term and long-term needs should be addressed, especially the credit market on Main Street," Snyder said.
The Bush administration and congressional leaders had implored the lawmakers to pass the legislation despite loud protests from their constituents back home. Not enough members were willing to take the political risk just five weeks before an election.
None of the state's congressional delegation faces a major party challenge in the November election.
More than two-thirds of Republicans and 40 percent of Democrats opposed the bill. In all, 65 Republicans joined 140 Democrats in voting "yes," while 133 Republicans and 95 Democrats voted "no."
Stocks plunged 777 points on Monday, the most ever for a single day, in a drop that began even before the final vote on the bill's rejection was announced.
Boozman called his vote for the package a vote for Arkansas families.
"It was a vote to stabilize the markets to ensure Arkansas families and businesses have access to the money they need to make ends meet," Boozman said. "This is a necessary step to protecting Arkansans who live on a fixed income and all Americans who have life savings and retirements funds invested in 401K The state's four congressmen issued a joint statement after the vote and said that a bipartisan effort is needed to secure the market in the short term.
"While this bill received bipartisan support, it failed to pass and our economy remains on the brink of a nationwide failure," Ross said. "I urge Congress to remain in session until this economic crisis is resolved and pass legislation that increases oversight of Wall Street, while protecting America from an historic economic collapse."