Asbestos Bill Being Filed Despite Disputes

Reuters reported on April 19th that Sen. Arlen Specter’s Asbestos Bill is going to be filed, despite ongoing disputes.

The bill proposes that a $140 billion compensation fund be set up for asbestos victims. The point of the bill, according to Specter, is to “take asbestos claims out of the court system” so that they can be dealt with more rationally and efficiently. Here’s the gist of the plan: “The proposed fund would be financed by companies facing asbestos lawsuits and their insurers. Victims would no longer be able to sue, but would go to the fund for payment.”

The article implied that most of the dissatisfaction is coming from Republicans, but that the objections aren’t to the bill itself, but certain “parts of the plan.” Specifically, Republicans “echoed business concerns that the fund might not finally cap their asbestos liability.” Other groups that aren’t happy with the bill include the insurers (surprise, surprise) and certain unions.