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U.S. Rep. Kirsten Gillibrand, D-Greenport, announced that she voted against the $700 billion financial industry bailout bill that passed the House of Representatives on Friday.

"I could not in good faith support this bill, which I believe is fundamentally flawed," Gillibrand said in a statement.

Gillibrand said the underlying bill was still flawed, despite improvements, such as the addition of tax cuts and investments in renewable energy, over a previous bill the House rejected on Monday.

U.S. Sen. Hillary Clinton, D-N.Y., on Friday, issued a statement calling the bill a "bipartisan compromise" that will stabilize financial markets.

Clinton and U.S. Sen. Charles Schumer, D-N.Y., both voted earlier this week in favor of the Senate version of the bill.

"While the final legislation is far from perfect, both the Senate and House have provided greater taxpayer protections, oversight and accountability," Clinton said in the statement.

Gillibrand, however, said revisions since the House rejected an earlier version of the bill on Monday were not sufficient.

"The Bush administration and congressional leadership did not make enough substantive improvements to add accountability to this spending to earn my vote on behalf of my constituents," she said.

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Gillibrand said she was "particularly disturbed" with the way earmark tax credits were added to the bill.

An earmark is federal funding language an individual legislator attaches directly to a bill.

Alexander "Sandy" Treadwell, the congresswoman's Republican challenger on Nov. 4, has called for a one-year moratorium on earmarks, to provide Congress an opportunity to reform the process.

Gillibrand has said she is open to discussing reform of the earmark process, but does not support a moratorium.

Read more about this in Saturday's Post-Star and on poststar.com.

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