MONROE - Saying it was essential for Congress to take action to help the financial meltdown on Wall Street, Rep. Tammy Baldwin, D-Madison, today voted for the economic rescue plan.

"These are difficult times for all Americans," Baldwin said in a news release. "People are deeply concerned about economic conditions in our nation and around the world."

Baldwin said Americans are concerned about the rising costs of energy, food and health care. The collapse of the housing market has affected people across Wisconsin, including those with good credit and jobs, she added.

"Inaction is not an options," Baldwin said. "I have heard from thousands of constituents. I have heard both anger and fear."

Baldwin said she voted for the bi-partisan legislation that will protect taxpayers and homeowners and also strengthens the financial markets and restores confidence in the economy.

"We must hold wrongdoers accountable and we must rewrite the law to see that this situation never happens again."

Baldwin said the bill has three main objectives:

• Rescue the credit and financial markets to stabilize the economy.

• Reimburse the taxpayers as the plan begins to work.

• Reform how business is done on Wall Street.

"The bill provides stringent oversight and transparency," Baldwin said.

Baldwin said the plan protects taxpayers by allowing them to share in profits and recover assets.

Baldwin said Congress had no alternative but to step in and help.

"I do believe Congress needed to act and has," she said.