...
Frist promises asbestos bill next year - Nov.
16, 2005
Web
CNN/Money
Home
News
Markets
Technology
Commentary
Personal Finance
Autos
Real Estate
News > Jobs & Economy
.clickability{font-size : 10px;font-family : Arial, Helvetica, sans-serif;}
SAVE
Senate to revisit asbestos reform
Majority leader Bill Frist says creating $140 billion fund for victims on top of agenda next year.
November 16, 2005: 12:10 PM EST
WASHINGTON (Reuters) -
Legislation to create a $140 billion fund to compensate asbestos victims will be one of the first legislative issues before the Senate next year, Senate Majority Leader Bill Frist said Wednesday.
"I am pleased to inform my colleagues that asbestos reform will be the first major piece of legislation that we consider in late January when we return," the Tennessee Republican said on the Senate floor.
"No more delay."
The Senate bill would end hundreds of thousands of asbestos injury lawsuits and create a privately funded trust to compensate victims harmed by exposure to the fibrous mineral.
Senate Minority Leader Harry Reid, a Nevada Democrat, said the asbestos legislation was not acceptable in its current form.
"It's not even close," he said after Frist spoke.
Reid, already known as an opponent of the legislation, said he was concerned over the viability of the fund and whether it would place too big a burden on some businesses required to help finance it.
Stocks of companies with exposur...
Read more...