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DeMint Opposes Budget-Busting Asbestos Trust Fund
Today, U.S. Senator Jim DeMint voted to sustain a budget point of order against S. 852, the Fairness in Asbestos Injury Resolution or “FAIR Act.” The legislation would establish a $140 billion trust fund financed by defendant companies and their insurers. The motion to overcome the budget point of order, which required 60 votes, was defeated on a 41 to 58 vote.
“This bill fails to solve the real problem which is our out of control junk lawsuit system, and simply trades one flawed system for another,” said Senator DeMint. “We have a serious problem with asbestos litigation that has already forced seventy American companies into bankruptcy and cost over sixty thousand Americans their jobs. But creating a multi-billion dollar government entitlement program that punishes taxpayers and rewards trial lawyers is not the answer.”
The cost of the FAIR Act trust fund will likely far exceed the $140 billion provided and quickly become insolvent. The Congressional Budget Office (CBO) estimated that “there is a significant likelihood that the fund’s revenues would fall short of the amount needed to pay valid claims, debt service, and administrative costs.” In addition, a recent study by the Bates White economic consulting firm estimated the fund’s total liabilities would range from $300 billion to $695 billion – and go bankrupt within three years.
The FAIR Act would also place an unfairly large burden on smaller and medium sized companies. In some cases, these companies would be forced to pay in more to the fund than their annual earnings. Rather than stopping asbestos-related bankruptcies, the legislation would actually encourage them.
Victims of asbestos exposure also question the bill, citing concerns that real victims will not receive the compensation they deserve. They believe the FAIR Act will take away the legal rights of victims by removing their claims from the court system, forcing them to apply to the trust fund for compensation. Read more at demint.senate.gov.
Libel Law In The United States
Libel is a legal term that describes a written form of defamation, which the dictionary defines as a "false or unjustified injury to someone's good... Read more >
Definition:
An appearance ticket requiring a defendant to appear before the court for arraignment on an underlying accusatory instrument
Fingerprints
Definition:
Reproductions of unique finger marks, which are used to identify people.
Felony
Definition:
An offense for which a sentence to a term of imprisonment in excess of one year may be imposed. For the purpose of sentence, felonies are divided into five categories or classes: A, B, C, D and E felonies.
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