This past week, I heard from frustrated constituents and concerned local business leaders. More than one small business owner told me, “Because of this credit crunch, I may not be able to make payroll this Friday.”

The mistakes on Wall Street and in Washington are evident — too many individuals played fast and loose for far too long. There was profiteering and excess, mismanagement and corruption. The people have a right to be angry — and so am I.

Constituents have expressed concern that taxpayers may get stuck footing the bill to bail out Wall Street. Our neighbors, small business owners and even local banks are all feeling the pressure of our nation's economic crisis. With markets in turmoil, financial institutions collapsing before our eyes, and people's life savings, jobs and even homes on the line, the stakes are high.

Meeting payroll

Already, households across our country are beginning to feel the storm that hit our financial institutions, freezing up credit markets and stifling business. And this could just be the beginning. Without access to capital, our businesses — including farmers and manufacturers — will have a hard time meeting payroll, moving inventory and getting the equipment they need.

I have heard from thousands of local residents who are outraged that Congress even has to consider legislation like this, and I deeply appreciate their insight and concerns. They want those who made the mistakes to pay. And they don't want their hard-earned money to pay for the irresponsible and greedy acts of others. Neither do I.

This is not only about New York City or Washington. It's about ordinary Americans facing everyday pressures — hardworking individuals who can't afford to lose their jobs, their homes or their retirement savings. It's about restoring confidence in our markets.

Impact of the Dow drop

A first glimpse of this economic storm's severity was how deeply it affected people's retirement savings after the House of Representatives failed to pass legislation last Monday. The 777-point drop in the Dow obliterated trillions of dollars, significantly impacting IRA accounts, 401(k) plans and pension funds. At that moment, it was evident to me and to my colleagues (many of whom had just cast a nay vote) that this situation is very real, and it is grave.

The economic rescue plan Congress ultimately passed is significantly different from the initial proposal. When the administration first introduced its “bailout” plan, the American people rose up in outrage — and so did I. And as a result, I fought hard to provide protection for taxpayers, eliminate golden parachutes for CEOs, improve transparency and oversight and ensure that Wall Street contributes to this effort.

The final legislation, passed with bipartisan support, included additional provisions that I had worked for all along:

More help for homeowners.

Increasing Federal Deposit Insurance Corp. insurance from $100,000 to $250,000, reducing the risk of bank runs such as what happened at Wachovia and Washington Mutual.

And protecting more than 20 million middle-income Americans from paying the unfair alternative minimum tax.

Putting politics aside

While I appreciate the opinions expressed by experts on all sides of the political spectrum and from respected organizations like the AARP and the Heritage Foundation in support of this rescue package, I cast this vote because we needed to put politics aside and do the right thing to help everyday Americans.

When I listened to constituents' concerns, when I recalled my parent's stories about life during the Great Depression and when I talked to local small business owners, I knew what my decision had to be.

Now is not the time for inaction, nor is it the time for election-year politics. At the end of the day, I had to make a decision, and I chose to put what I strongly believe are the needs of the American people first.

Rep. Mary Bono Mack represents the 45th Congressional District. Reach her at bono.office@mail.house.gov