Sarbanes: We need to move quickly

U.S. Rep. John Sarbanes (D-Baltimore) says he would like to move quickly to make the necessary adjustments to the Emergency Economic Stabilization Act of 2008. The U.S. House failed to pass the $700 billion bailout package for the financial sector on Monday, prompting markets to post record losses.

Sarbanes, who voted for the original bill, pointed to the markets "volatility" as a key reason the legislation should be promptly adjusted and passed.

"Today's vote was a difficult one. A part of me would like to see these bad actors on Wall Street suffer the full consequences of their conduct without the benefit of government (and taxpayer) intervention.  But over the last few days, I became increasingly convinced that if we did not do something to restore confidence in the financial markets, the real victims would be America's working families," said Sarbanes in a statement on Monday. "If the failure of large financial institutions cause credit markets to seize up, the consequences for Main Street will be severe."

First elected in 2006, Sarbanes represents the 3rd Congressional District.