US Senate to Vote Tuesday in Asbestos Bill Debate
Date: 07-Feb-06
Country: USA
Author: Susan Cornwell
Asbestos fibers are linked to lung-scarring diseases, including cancer. Hundreds of thousands of injury claims have clogged courtroom dockets and helped push into bankruptcy proceedings more than 70 US companies, including W.R. Grace & Co. and USG Corp.
Frist, a Tennessee Republican, said he wanted the Senate to debate the bill, but there had been an objection from the Democrats. Under Senate rules, such an objection triggers a procedural vote, and at least 60 votes are needed to go ahead with debate. The vote was set for Tuesday at 6 p.m. (2300 GMT), Frist said.
Senate Minority Leader Harry Reid, a Democrat and one of the bill's critics, said he opposed debate because the legislation did not do enough to provide for victims of asbestos-related diseases, while limiting the asbestos liabilities of large corporations.
He poured scorn on lobbyists he said spent more than $144 million to promote the bill and were "watching right now in their Gucci shoes."
"This is a terrible piece of legislation to bring before the Senate," Reid said. "I don't know if we have enough votes to stop it going forward but for the good of the American people, I hope so."
Under the Republican-written bill, the lawsuits would be ended and asbestos injury claims paid out of the fund instead. It would be financed by asbestos defendant companies and their insurers.
The measure passed the Senate Judiciary Committee in May but it has divided lawmakers from both parties, split industry groups and struggled to gain momentum.
Stocks of companies with asbestos liabilities were lower in afternoon trading. W.R. Grace shares were off 5.41 percent to $12.77 each. USG was down 5.7 percent to $90.88.
