June 14th, 2005

Senator Arlen Specter is hoping that his asbestos trust fun bill is just about ready to wrap up, and stated earlier this week that he was planning just one more committee session before the process was completed. If passed, the asbestos trust fund will be a fund of $140 billion, funded by businesses and insurance companies to pay compensation to victims of asbestos exposure.

Another senior member of the judiciary committee, Patrick Leahy, stated, "The time is now for movement on this bipartisan solution." It is hoped by the two senators that the movement that he speaks of will be completed by the end of the week, enabling the plan to move forward.

So far seven supporters have been confirmed, and following a number of amendments it is thought that getting another three supports – which is what it would take to get the bill approved – should not prove a problem. There is still a great deal of controversy relating to the bill with mesothelioma patients, legal groups, and support groups, many of whom think that the bill is for the benefit of companies rather than victims of asbestos.

Wall Street figures estimate less than a 50/50 chance of the bill being passed, but supporters of the bill are far more hopeful.