As Congress continues their brief break for Rosh Hashanah before returning to the drawing board Thursday, individual proposals for a financial rescue plan are cropping up left and right. Although Wall Street reacted to the news that the proposed $700 billion financial rescue plan was voted down in the House with a large sell-off, for many on Main Street the bill was unsatisfactory and its failure gives lawmakers a second chance.
Damon Silvers, Associate General Counsel for the AFL-CIO, told RTTNews that the original bailout did "nothing to help Main Street," and in order to receive that union's support four key issues would need to be addressed.
Although he noted that the issue is "fairly urgent," passing legislation that would help the average American is paramount.
"We are supportive of action to help stabilize our economy," Silvers said. "We think the need is fairly urgent."
What is needed is the political will to pass the legislation, Silvers said, not the politicization of the process by Presidential candidates.
Specifically, Republican nominee John McCain's involvement in the process last week "worsened the bill," Silvers said, noting that he prefers Democratic rival Barack Obama's approach.
"The American economy is suffering right now, failed policies, failed economic policies," Silvers said "And the whole country needs help, not just Wall Street."
When asked for what they were hoping to achieve in future legislation, Silvers said that simply assistance for Main Street is a must.
"We're hoping that if there is another bill that that language will be improved," he said.
Meanwhile, another labor union, the Service Employees International Union (SEIU) announced Tuesday that they are backing a proposal from Ohio Democratic Rep. Peter DeFazio called the "No BAILOUTS Act" (Bringing Accountability, Increased Liquidity, Oversight, and Upholding Taxpayer Security).
"We finally have a plan that will restore confidence in the financial markets without writing a blank check to the same Wall Street banks and CEOs who got us into this mess," SEIU President Andy Stern said in a statement.
"This is an important, short-term solution that protects taxpayers and their savings accounts," he added. To revive the economy over the long-term, we must address rising unemployment, stagnant wages, the healthcare crisis, and a tax system that is tilted in favor of the wealthy."
The legislation includes a provision that would increase the amount which the FDIC can insure to $300,000 per person, $50,000 more than Illinois Senator Barack Obama's proposal to up the insurance limit to $250,000.
SEIU spokesperson Tanya Aquino told RTTNews that the legislation from DeFazio takes steps to protect taxpayers. Although details of the legislation were not available, she said that the SEIU members "definitely support" help for homeowners facing foreclosure.
However, for some - especially Americans nearing retirement age who have their pensions wrapped up in the turmoil on Wall Street - the prospect of waiting for a bailout is dangerous. The American Association of Retired Persons, (AARP), issued a firey statement Tuesday blasting Congress for their inability to reach an agreement on the bailout.
The Dow "plummeted because Congress failed to come together in a bipartisan manner to offer a solution to American families," Officer Bill Novelli said, referencing Monday's 778 point decline. "Our country grows weary and weakened with every hour and every day that Congress refuses to take action toward protecting home values, retirement dreams and younger generation's opportunities."
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.