Former Gov. Jim Gilmore, the Republican candidate for the U.S. Senate, says Washington shouldn't hurry into a bailout for Wall Street.

Several hours before the Democratic-controlled House rejected President Bush's $700 billion plan, Gilmore said that if he were in the Senate, he'd slow down consideration of the rescue.

That's because, Gilmore told the editorial board of the Richmond Times-Dispatch this morning, Congress needs to better understand the crisis. His Democratic opponent, former Gov. Mark R. Warner, meets with the editorial board Tuesday.

Lawmakers should "buy some time to find out the reality," Gilmore said. He also said Congress is jittery about not intervening because ordinary Americans are frightened that their retirement accounts and college-savings plans are at risk.

Gilmore attributes the credit slam to President Bill Clinton, a Democrat, whose policies, he said, fueled the run-up in the housing market. Bad mortgages are said to be the root cause of the market turmoil.

Gilmore is proposing three steps to stabilize the economy: strengthened oversight of the financial-services industry, tougher standards for lending and a "rigorous energy policy," one that prevents the spikes in fuel prices that have forced some Americans to choose between filling up their cars or paying their mortgages.

Contact Jeff E. Schapiro at (804) 649-6814 or jschapiro@timesdispatch.com.