The need for getting the asbestos trust fund in place is pressing. Too many victims are dying without getting justice. And too many businesses are facing bankruptcy, putting jobs and pensions at risk for millions of workers. Keep the Ball Rolling on Asbestos Legislation

After months of negotiations, the Senate Judiciary Committee last week endorsed a bill to create a privately-financed asbestos victims trust fund.

As we have argued before (The Asbestos Answer and Lawyers in Fear), the trust fund approach is the best way to address the asbestos crisis in our courts while ending the trial lawyers’ asbestos gravy train. The current proposal ensures that real victims receive swift, fair compensation instead of having to wait years in court. Meanwhile, businesses and insurers, who will provide the money for the fund, gain a measure of certainty that will help many of them avoid bankruptcy or insolvency.

With the Judiciary Committee’s work now complete, the Senate should move ahead as soon as possible with consideration and passage.

Unfortunately, achieving Senate passage may prove even more challenging than usual thanks to the motley crew of interest groups with a stake in the asbestos bill, especially on the Left. Indeed, terrified that the asbestos gravy train will soon end, trial lawyers and some powerful labor interests are campaigning vigorously against the bill. But the trial lawyers’ fear ought to send a powerful message to conservatives who are waffling about whether to back the trust fund.

Meanwhile, the House should get busy. While some work has already begun, much of it under the leadership of Rep. Mark Kirk (R-IL), there’s much more to be done. In the normal course of legislative events, the House will want to hold hearings and have discussions. Great. Now is the time to do it.

Now is also the time to overcome, once and for all, the concerns that some conservatives have been pushing about the trust fund approach. As Congressman Jack Kemp recently wrote in response to these complaints:

It is evident that the asbestos litigation crisis is taking an ever-increasing toll on asbestos victims and the U.S. economy. Victims will continue to suffer, more companies will go bankrupt and more jobs will be lost if Congress doesn't soon take action to resolve the problem. In my view, a national asbestos victims' trust fund is the most workable solution to this appalling problem. The trust fund, by immediately pre-empting the current system, will not only ensure fair and certain compensation for victims, but also will bring much-needed relief to businesses, workers and our nation's economy.

The need for getting the trust fund in place is pressing. Too many victims are dying without getting justice. And too many businesses are facing bankruptcy, putting jobs and pensions at risk for millions of workers.

It’s time for Congress to get moving.

June 2, 2005
[About CFIF]  [Freedom Line]  [Legal Issues]  [Legislative Issues]  [We The People]  [Donate]  [Home]  [Search]  [Site Map]
© 2000 Center For Individual Freedom, All Rights Reserved. CFIF Privacy Statement
Designed by Wordmarque Design Associates
News About The Supreme Court Conservative News Legislative News Congressional News Agricultural News Campaign Finance Reform News Judicial Confirmation News Energy News Technology News Internet Taxation News Immigration News Conservative Newsletter Legal Reform News Humorous Legal News News About Senator Kennedy News About The War In Iraq Tribute to President Ronald Wilson Reagan