Senate may consider new asbestos fund plan
US Senate Majority Leader Bill Frist is continuing with his push to resolve legal claims over asbestos exposure through a $190 billion fund financed by insurers and manufacturers who used asbestos.
The proposal by Senator Frist, a Republican, is more in line with the plan of Democratic Party leader Tom Daschle. In April Senator Frist pushed for the Senate to approve an asbestos bill with a fund of up to $170 billion, but was rebuffed by the Democrats. They said it fell short of the amount – estimated at $200 billion – needed to fund future asbestos claims.
Both Senate leaders appear to be drawing closer on the actual amount, which would allow the insurers and manufacturers to move on without the threat of ongoing litigation hanging over them.