Asbestos fund bill needs more Republican votes to clear committee, Specter says

By Ted A. Knutson

Washington, Feb. 24 - The proposed bill to create an asbestos claims fund lacks sufficient Republican votes to clear committee, Senate judiciary committee chairman Arlen Specter (R.-Pa.) told a press conference Thursday.

Specter said a major sticking point is that some Republicans want less than $140 billion in the asbestos fund, which would be tapped by asbestos victims in exchange for giving up their rights to sue for injuries.

However, he noted last year current Senate majority leader Bill Frist (R.-Tenn.) and then-Senate minority leader Thomas Daschle agreed to the figure.

Specter said the asbestos fund bill faces an uphill fight because the "four toughest" interest groups in Washington are dug in to their positions: the manufacturers and the insurance industry versus trial lawyers and the AFL-CIO.

"Everybody wants every last advantage. If we have that, we will not have a bill," said the senator. He added with flexibility and accommodation, asbestos legislation could become law.

Specter plans to meet with Frist on Tuesday with the aim of having an asbestos fund bill marked up in committee on Thursday.

During the press conference when the senator listed the groups which have been involved in shaping the proposed asbestos bill, he did not include asbestos bond investors.

He noted he ran into someone from an asbestos company last week and said he told the individual a bill should be passed by July.

Specter said the manufacturer's representative responded: "By July we'll be toast."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.