Published: October 01, 2008 09:03 pm      

Area lawmakers mull rescue package before vote

WASHINGTON — Area lawmakers were mulling over a financial rescue package Wednesday evening in advance of an anticipated Senate vote.

A spokeswoman for U.S. Sen. Jim Webb, D-Va., said Webb was hoping to see a number of assurances and taxpayer protections in the Senate version of the financial rescue bill.

“He’s currently reviewing the proposed bill,” the spokeswoman said. “He had sent a letter with a number of other senators last week when the initial deliberations were going on in which he cited a number of things he wanted to see increased. A number of those things have been included. But we are currently reviewing the legislation to see where it all really stands in the language.”

Webb, and eight other Democratic senators, sent a letter to Senate Majority Leader Harry Reid seeking assurances that the emergency financial legislation would provide specific protections for tax payers, as well as limits on executive compensation and a strengthened regulatory structure aimed at preventing future abuses.

Steven Broderick, a spokesman for U.S. Sen. Jay Rockefeller, D-W.Va., said Rockefeller was “actively reviewing” the legislation. Broderick said Rockefeller stood by earlier comments that warned inaction by lawmakers on the financial crisis would be dangerous for the nation.

“We need America to succeed again and if we fail to act — and in short order — the damage will not be isolated to the financial community, it will harm employers, small business owners, pension and retirement plans, college loans and hard working West Virginians everywhere,” Rockefeller said in a press release addressing the financial crisis.

A spokeswoman for U.S. Sen. Robert C. Byrd, D-W.Va., said Byrd was still reviewing the financial package Wednesday evening. She had no further comment.

— Contact Charles Owens at cowens@bdtonline.com