Asbestos bill makes it past Senate panel

Good ol’ Reuters is reporting that the US Senate panel has approved the asbestos fund, and that the bill is now all set for the Senate:

WASHINGTON, May 26 (Reuters) - Legislation to create a $140 billion asbestos compensation fund was approved by the U.S. Senate Judiciary Committee on Thursday, but there were immediate warnings it could face trouble on the Senate floor.

The committee voted 13-5 for the bill that would eliminate asbestos lawsuits and create a 30-year fund financed by companies facing litigation and their insurers. Victims could no longer sue, but would go to the fund for compensation.

Three members of the Senate’s Republican majority, who supported clearing the bill from committee, warned they would insist on changes before voting for it on the Senate floor.

“I could not support this bill on the floor if it does not change,” said Sen. John Cornyn of Texas. Arizona’s Jon Kyl and Oklahoma’s Tom Coburn echoed the sentiment.

“With the medical criteria we have here today, this fund will cost $60 billion a year (for claims),” Coburn warned. Kyl has expressed concerns about the fund’s solvency, while Cornyn is worried about the allocation of expense among companies.

The rest of the article may be read here .